Reimagine your asset management with Blockchain and IoT

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Reimagine your asset management with Blockchain and IoT

Technologies like Blockchain, AI and IoT are making the industry watch opportunities in a way which is incomparable to the traditional / existing methods. Blockchain and IoT have helped most of the industries to make all aspects to be interactive and to ensure maximum participation and involvement of the people involved in it. With the ideal method to be communicated and secured, many industries are realizing the importance of blockchain systems and IoT to make their industries reach the perfect platform for their audience, customers or consumers. IoT has many features which make it the priority and the desired system to be adopted for interaction and communication. It includes smart asset management with blockchain and IoT.

IoT Smart Asset Management solution typically comprises the following:

  • Remote Asset Tracking
  • Asset Health/Condition Monitoring
  • Asset Workflow Automation
  • Predictive Asset Maintenance
  • Asset Lifecycle Management

These features could be the fastest pace in reaching the audience, low cost, widely spread all over the world, wide storage capability and obviously a machine could work more efficiently than a man could.

Now the industries which involve storage of assets and perishable goods. Hence, it is important to be more concerned for the capital as compared to the need of being careful in any other industry. Asset management of industries requires proper tracking as well as all the goods to be carried through different filters and customs in a secured way. This, in turn, requires a proper system for the security and tracking of the goods. 

Asset management with Blockchain and IoT

Perhaps the only and the greatest challenge to blockchain and IoT implementation is the lack of understanding of the technology by businesses. However, early adopters of these technologies, are finding great value in implementing blockchain solutions. Smart asset management with blockchain and IoT is bound to bring massive benefits. Look at them!

Maintaining the consistency in the flow

While the processing of an asset to be stored properly or any information to be reached to its concerned users on time, everything needs to be tracked on time with proper specifications. These specifications may include GPS location and weather tracking. 

Providing asset management solution

There are many successful companies that have set up their own factories that contain numerous machines be it a bigger one or a small one. What is needed to be kept in mind is the usage of each machine. That means if the machine is over or underutilized and further process for its maintenance. Also tracking its life and up-gradation process and where is it kept and is the location suitable for the machine is also some bits of information that is needed to be maintained on a timely basis.

Managing the asset

In any business, there is a need to manage variety of assets. These assets could be human or non-human, moving or non-moving, on-premise or field asset. Depending on its type, an asset is maintained accordingly. Workers and staff, gas pipelines, cylinders, and other machines, rental cars and trucks are some examples of assets that are required. All these assets come with different challenges. 

Replacing the existing and traditional methods

Gone are the days spent with tiring traditional old-fashioned machines and the hardcore workforce and assets that are now outdated. Every industry that has an asset to be procured needs all the current and ni-fashion assets to be maintained. IoT and blockchain have got our back and has dubbed a system with all the transformation according to the rapidly dynamic environment. IoT has enabled the monitoring device to track the life cycle and maintenance of the assets and control its processes. This ultimately is offering far more advanced procedures and enhancements as compared to the traditional ones.

THREE advantages over traditional methods

Obviously, IoT and Blockchain bring about a change in the whole process of asset managing in the industries. It influences three main aspects; they are:

Automation

Before this technology coming to trend, it was the human who has to decide all the procedures manually. This ultimately created a demand for the expert for performing many of the functions. With new technology, it’s the automation that does all the work on its own without much help of human experts. 

Innovation

Using the machines and its progress and procedures in a smarter way will not only help in opening new boundaries for the machine to be tested for different tasks but will also help in connecting workers or human beings to the machine in order to make the tasks simpler and faster than ever before. Also, it will make the facing common challenges easily and readily.

Digital transformation  

As the digitalization has almost taken over the market and many of the industries, it is important to keep in pace with all the competitions in the way. Transforming digitally the work being done in the company is way easier now than it seems. With smart devices, it is easy to track the entire information about the current assets or assets that were in use previously.

Over to you – reimagine smart asset management with Blockchain and IoT

Asset management with Blockchain and IoT

It is not so far, the time when even the machines could talk to a human and would be able to work on the command given by the bosses. But before that, how about experimenting with our very own and helpful IoT and blockchain? Asset management was never given a priority till now. But soon the time will change. Organisations will spend efficiently without any discrepancies in the way of managing the assets. We all are aware of the responsibility that comes with purchasing the assets. But then, why to worry when we are also blessed with the rescuers on our command. Do let us know how Blockchain and IoT going to affect the asset management in your perspective! 

By | 2019-09-09T09:30:58+00:00 August 27th, 2019|Blockchain, IoT|Comments Off on Reimagine your asset management with Blockchain and IoT

About the Author:

Sonal Mehta is a Content Lead at Solulab, USA based leading Blockchain Technology, mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups - we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.

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