Dubai-based startup Block Gemini has developed a blockchain logistics solution which it deployed with Tristar Group.
“We are mainly focusing on supply chain initiatives so we have a last mile delivery track and trace solution,” says Block Gemini co-founder and CEO, Christopher Fernandez.
He and his brother co-founded the startup in 2017 with ‘smart contracts’ in mind. With blockchain-enabled smart contracts, bureaucratic processes become more transparent.
Smart contracts are a set of rules placed on top of a blockchain which all parties agree to. If those rules and conditions are met, the smart contract can negotiate the pending transaction or agreement.
“It removes layers of bureaucracy and puts it all in one process,” Fernandez says. “Everyone is on the same distributed ledger, and this is very important in the oil industry when you might be signing a deal or there are special conditions in place.”
Indeed, deals are made every day between operators, contractors, oilfield services providers, suppliers and any other relevant industry players.
For logistics, Block Gemini created a “last mile delivery track and trace solution that allows integration between multiple parties.”
It essentially allows transparency and oversight into the transportation process, making it easy to see where trucks are going and how long their route is taking them, for example.
“This involves us having mobile devices which contain blockchain SDKs,” Fernandez says. “These SDKs report decentralised data to the blockchain, and once the data is on the blockchain it allows organisations to enter into smart contracts.”
The data is also tamper-proof, so no one involved in the transaction can alter any sensitive data.
