IoT Blockchain Supply Chain Tracking for Dynamic Valuation
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Solution Overview
Problem
Existing supply chain management systems face challenges in accurately tracking and valuing components due to complex and lengthy supply chains with multiple entities, leading to difficulties in determining the source and process history of products, which affects safety and quality ratings.
Innovation Solution
Implementing a smart supply chain system that utilizes IoT devices to compute and record data on each step of the multi-step process, with IoT devices associated with stages or products, and a blockchain database to store linked blocks of hashed data, enabling real-time valuation and quality rating updates across the supply chain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional supply chain tracking methods are used with multiple entities maintaining separate historical records, then each entity can manage their own data independently, but the ability to accurately trace source and process history of products deteriorates due to data fragmentation and loss
Solution Approach 1:
The patent merges separate entity databases into a unified blockchain ledger where all supply chain participants contribute their data to a shared, immutable record. This combining of previously separate data systems eliminates information loss while maintaining entity autonomy through cryptographic permissions.
Solution Approach 2:
The blockchain acts as an intermediary layer between multiple supply chain entities, mediating data exchange and ensuring all parties contribute and access information uniformly. This intermediary structure prevents data fragmentation while preserving individual entity control over their contributed data.
2Measurement precision
If detailed tracking of each supply chain phase is implemented to improve safety and quality ratings, then product valuation accuracy improves, but the complexity of the tracking system increases due to multiple entities and phases
Solution Approach 1:
The patent segments the supply chain into discrete, trackable phases with individual data structures for each entity and process step. This segmentation allows detailed tracking of each phase while maintaining manageable complexity through modular data organization and standardized interfaces.
Solution Approach 2:
The system changes the state of data from mutable, centralized records to immutable, distributed ledger entries. This parameter change in data structure and management approach enables detailed tracking without proportional increases in complexity, as the blockchain structure automatically handles validation and consistency.
3Measurement precision
If real-time valuation updates are implemented by summing sub-product values throughout the supply chain, then dynamic product valuation accuracy improves, but the computational requirements and data processing complexity increase
Solution Approach 1:
The patent performs preliminary valuation calculations at each supply chain phase as data is entered, rather than computing total valuation from scratch at the end. This preliminary action distributes computational load across multiple nodes and time points, reducing peak processing requirements while maintaining accurate real-time valuation.
Solution Approach 2:
The system implements feedback loops where valuation data from sub-products automatically flows upward through the supply chain hierarchy, triggering incremental updates to parent product valuations. This feedback mechanism maintains accurate real-time valuation without requiring continuous full-system recalculation.
Data Source
AI summary
Systems and methods for dynamic supply chain product tracking are provided. The method may include embedding IoT devices across a multi-stage supply chain. The method may include computing, via the IoT devices, a value impact of each stage of the multi-stage supply chain process. The method may also include transmitting, via the IoT devices, each value impact of a stage to blockchain database host systems. The method may also include constructing, via each of the blockchain database host systems, a new linked data block for each value impact of a stage. The method may also include computing a real value of the end product based on the linked data blocks in the blockchain database host systems.