DLT to ensure survivabiity and resilience:
With funding and support from Innovate UK we are undertaking a feasibility study to examine how applying Distributed Ledger Technology (DLT) could improve the resilience of storing and acting on transaction and ownership data within the equipment finance process.
By building a network around the infrastructure parties who traditionally play a part in the equipment finance process we aim to reduce reconciliation costs and ‘point dependency’ issues. EquipmentConnect’s blockchain application runs on an instance of Quorum, a enterprise friendly fork of Go Ethereum that allows for transactional privacy, variable permissioning of users and voting based consensus mechanisms.
Ultimately, we seek to demonstrate that the benefits of blockchain aren’t restricted to crypto currencies and that the technology when combined with an existing financial eco system can ensure integrity of transaction data, reduce vulnerability to record corruption, and support survivability by empowering our infrastructure partners with synchronised, immutable data.
Our IoT software will empower funders:
The effective protection and monitoring of equipment is essential for sustainable asset finance. By mitigating the risk of the theft, loss, damage and fraud we are able to reduce default rates, increase recoveries and speed up sales leading to reduced funding costs.
We are working with hardware experts at PointFase to capture operational, locational and usage information on the various types of equipment that can be funded over our platform. The hardware is then integrated with our own custom-engineered software to provide funders with relevant insight into their security. Information on equipment and machinery is presented on the dashboard at all times.
We are currently deploying our prototype which is tracking a SLS 3D printer here at Makerversity. We aim to roll out our asset-flexible telematic chips across assets from July this year. Ultimately our telematics chips will be available on almost all equipment funded on the EquipmentConnect platform from printing presses to CNC machines to excavators.