The tag is in keeping with smart contract approaches and it fits in with blockchain technology. The aim is to boots security of the transit of special goods between the owner of a valuable items and the transport company tasked with its safe delivery. The smart aspect of the contract includes the agreed terms and conditions of transportation and storage, together with the transportation and security fee.
The development comes from a collaboration between VTT Technical Research Centre (Finland) and the company Streamr, which specializes in blockchain-secured data transactions.
To enable safe transit, the tag contains a series of range of tony smart sensors. These sensors are able to record the geographical location of the tag (and item) together with the speed of movement. Other factors, which may affect the item under transport, can also be recorded, such as temperature.
As with other blockchains, people who have previously had no contact with one another can make use of the technology to maintain shared databases, showing the transaction in full transparency and with complete control.
The data can be processed either in encrypted form, so that neither party can tamper with it; or, the data stream can be looked after by a third party (like Streamr).
Speaking with EE News, about the functionality of the tag, Visa Vallivaara, who helped develop the tag for, VTT said: “In the future, there will be more demand for online applications of this kind, which ease everyday life based on decentralised technology and smart contracts. Similar systems have already been tested for the needs of the healthcare sector.”
Once the prototype has been through further tests, the size will be adjusted. The end product will be ultra-thin and very flexible, around the size of the palm of a typical adult. Energy for the tag will be provided by solar energy through printed solar cells, on the surface of the tag.
Tracking will be through ultra-wideband (indoor use) and GPS (for outdoor use); the final product will be a hybrid, capable of both applications. The first wave of devices will work with Ethereum smart contracts technology.
