NKT, a Danish electrical and electronic manufacturing company, has recently announced its partnership with IOTA Foundation, the distributed ledger technology (DLT) non-profit organization.
The firm made this known in a press release via its official website on 7th May 2020. According to the report, the collaboration is aimed at empowering digital asset management of Cable Drums, to meet industry demand.
The two entities are expected to join hands to develop and implement solutions that will enable autonomous economic agents to send and receive payments for their services via the supply chain.
According to the report, the new collaboration between IOTA Foundation and NKT is powered by TrackMyDrum digital platform. And it is targeted at improving the utilization of cables, reduce wastage of resources, streamline the journey of drums via the supply chain, and enhance operations during cables projects.
Reacting to the new partnership, Camilla Miehe, Project Lead at TrackMyDrum, said:
“With a digital ecosystem, we can ensure a more efficient and sustainable use of assets such as cable drums for the benefits of all involved parties. “Imagine that cable drums would pay €2 to the user to change its status report of being in-transit, accepted or ready to return, and be able to charge cable manufacturers directly for cable mounting and transportation.
This will prevent them from being lost or dumped saving utilities, energy providers and installation companies thousands of Euros in fees and improve the overall project execution.”
Going by the report, the aims stated above will be achieved by empowering each cable drum with its personal e-wallet that resembles smart mobility Car e-wallet projects, for it to process transactions autonomously.
The Head of Global Trade and Supply Chains at IOTA Foundation, Jens Munch Lund-Nielsen, also stated that:
“We want to make cable drums an economic agent on its own, so it can create real-time incentives to support its operations by simply paying the parties involved.”