KONGSBERG, Norway – Kongsberg Digital has partnered with Data Gumbo to improve supply chain efficiencies by integrating and making blockchain smart contracts available inside Kognitwin.
The partnership will enable Kognitwin customers to take advantage of the combined power of digital twins with Data Gumbo’s interconnected industrial smart contract network, GumboNet, powered and secured by blockchain. The combined technology offerings are said to improve supply chain efficiencies and transactional accuracy and transparency.
Kognitwin is a digital twin Software-as-a-Service platform that enables operators to integrate and contextualize data from their IT and OT systems for advanced analytics and simulation. 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.
Shane McArdle, SVP Digital Energy, Kongsberg Digital, said: “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.”
Kognitwin will integrate with GumboNet to codify the triggering of supply chain transactions on smart contracts and automated payments. End-users are expected to experience real-time updates to contractual transactions based on current data sets, viewable in a digital twin context.
The partnership enables 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.
Andrew Bruce, CEO and founder of Data Gumbo, said: “This integration of digital twin technology with blockchain-backed smart contracts signals a huge opportunity for supply chain cost reduction and transparency.
“In deploying GumboNet, Kongsberg Digital is able to offer a control tower to its customers with the ability to provide four- to five-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.”