Kongsberg Digital and Data Gumbo announced that they have partnered to integrate GumboNet’s blockchain smart contract network into its Kongitwin software-as-a-service platform, a move the companies say will “improve supply chain efficiencies and transactional accuracy and transparency.”
The Kognitwin system enables industrial operators to integrate and contextualize data from their IT and OT systems. When deployed with automated smart contracts on GumboNet, customers, vendors and suppliers can integrate specific transactional data resulting in comprehensive real-time and predictive digital replicas of industrial heavy assets.
“Digital twins and portfolios thereof are becoming prioritized enablers for operator transformation. We are increasingly observing a growing number of operators intending to centralize sensor and transactional data, including critical supply chain information, on their digital twins. In the past, unlocking value through smart contracts have largely been challenging because of access to complex source data. Now, with digital twins that include representations for real-time sensors, virtual sensors and integrated transactional data, we find an unprecedented opportunity to meaningfully catalyze utilization of smart contracts and distributed ledger technologies. Through our partnership with Data Gumbo we can enable customers to make meaningful progress toward real-time supply chain management, fundamentally changing how this business process operates today,” said Shane McArdle, SVP Digital Energy, Kongsberg Digital.
Kognitwin will integrate with GumboNet to codify the triggering of supply chain transactions on smart contracts and automated payments. End-users will experience real-time updates to contractual transactions based on current data sets, viewable in a digital twin context.
The partnership addresses global operators’ needs to improve supply chain management by empowering operators to reduce processing times, access real-time data to increase confidence in processing and aid in strategic business decision making throughout their supply chains. The solution has further potential to take advantage of Kongsberg Digital’s own supply chain tracking solutions.
“This integration of digital twin technology with blockchain-backed smart contracts signals a huge opportunity for supply chain cost reduction and transparency,” said Andrew Bruce, CEO and Founder of Data Gumbo. “In deploying GumboNet, Kongsberg Digital is able to offer a control tower to its customers with the ability to provide 4-5 way matching, cross-referencing and triggering of supply chain data and events. By automating real-time transactions with certainty, we are making supply chain management intuitive, easy and transparent allowing parties to capitalize on savings and value.”