(Courtesy Kongsberg Digital)
KONGSBERG, Norway – Kongsberg Digital has partnered with Data Gumbo to improve supply chain efficiency by integrating and deploying smart blockchain contracts in Kognitwin.
The partnership will enable Kognitwin customers to leverage the combined power of digital twins with Data Gumbo’s networked industrial smart contract network, GumboNet, operated and secured by blockchain. The combined technology offerings are designed to improve the efficiency of the supply chain as well as the accuracy and transparency of transactions.
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 analysis and simulations. When deployed with automated smart contracts on GumboNet, customers, vendors and suppliers can integrate specific transaction data, resulting in comprehensive real-time and predictive digital replicas of industrial heavy goods.
Shane McArdle, SVP Digital Energy, Kongsberg Digital said, “Digital twins and their portfolios are becoming priority enablers for operator transformation. We are increasingly seeing a growing number of operators intending to centralize sensor and transactional data, including critical supply chain information, on their digital twins.
“In the past, exploiting value through intelligent contracts was a major challenge due to the access to complex source data. With digital twins that include representations for real-time sensors, virtual sensors and integrated transaction data, we are now finding an unprecedented opportunity to sensibly catalyze the use of smart contracts and distributed ledger technologies. “
Kognitwin will be integrated with GumboNet to codify triggering of supply chain transactions on smart contracts and automated payments. End users are expected to experience real-time updates of contract transactions based on current records that can be viewed in a digital twin context.
The partnership enables operators to reduce turnaround times, access real-time data to increase confidence in processing, and support strategic decision-making in their supply chains.
Andrew Bruce, CEO and Founder of Data Gumbo, said: “This integration of digital twin technology with blockchain-powered smart contracts signals a tremendous opportunity for cost reduction and transparency in the supply chain.
“By providing GumboNet, Kongsberg Digital is able to offer its customers a control tower that is capable of 4- to 5-way matching, cross-referencing and triggering of supply chain data and events. By securely automating real-time transactions, we make supply chain management intuitive, simple and transparent, and enable parties to benefit from savings and value. ”