Building on the success of the ITCPro, Enterprise Lab partners Rhenus and Commerzbank AG have decided to digitally and transparently implement and display the entire supply chain of the sensor, from sensor ping to automated billing process. To ensure this transparency, it was decided that the data would be stored decentralizedly, including at the customer level. Commerzbank experts laid the groundwork for this with the internationally proven Distributed-Ledger Corda in finance. The process data is written into Corda in real-time and tamper-proof manner, and it is validated using smart contracts. The smart contract validates the incoming data for write permission, accuracy, belongingness, and dependency. Payment for the service is fully automated once the conditions specified in the smart contract are met. The transaction confirmation as well as the invoice are both digitally recorded.
Further steps in the supply chain can then be digitized thanks to the decentralized availability of data. With Commerzbank acting as an automated lender, the reminder process for accounts with outstanding payment modalities is also a thing of the past.