Leveraging IoT and Blockchain Technology
policyholder ’ s boat out of harm ' s way to a safe harbor before a storm occurs ? Ahoy makes such transactions possible by hard coding the right data and business logic into smart contracts . The following use case example follows the necessary process .
Both boats and marinas must first agree to be outfitted with Ahoy ’ s customized hardware devices which will send weather conditions and additional off-chain data to IoT hardware oracles . Ahoy further digitizes each real-world asset as an NFT that includes all relevant data about that asset . Such data would include comprehensive physical specifications ( length , height , draft , water depth , price per footage , etc .) as well as pertinent events in the asset ’ s history ( damages , maintenance records , travel logs , etc .). The value of each asset is also stored on the blockchain , enabling digital ownership and transfer , and also allowing transportation in case of an emergency . At this point , vessels now fully exist as both physical and digital assets .
This setup enables Ahoy assets to digital counterparts to interface with blockchain and IoT applications — such as weather pattern trackers . Picture this : a storm is coming that will require the relocation of a vessel . Chain-link nodes allow AccuWeather to make its data instantaneously available to smart contracts . The storm ’ s data meets certain criteria that trigger the smart contract tied to that vessel in the marina , issuing its need for relocation to another safe harbor .
A captain utilizing IoT applications to manage their own work receives a notification and they accept the job of moving the vessel . Meanwhile , as the captain pilots the boat to safety ( assisted by more data-driven information collected by Ahoy , from waterway traffic to real-time storm data ), the vessel ’ s owner receives updates every step of the way , as their vessel is brought to safety . Imaging devices could even take snapshots of the vessels while they are in transit and when they reach their destination , increasing accountability measures as well as the owner ’ s peace of mind .
Captains will no longer need to rely on late or unfair payment for their services or trial and error to determine if they can make it safely to a port . Once a job is accepted , the billing process occurs automatically through the Ahoy ecosystem , utilizing Ahoy tokens . This simplifies the economics and logistics of important jobs . For example , during a storm , a vessel owner can focus on their own evacuation and safety , knowing their vessel is in capable hands .
If a boat fails to reach a safe harbor or is damaged along the way , the reason will be clear . With the wealth of data captured by onboard systems such as the hardware oracles , the person “ at fault ,” or the weather condition that led to the damage or delay , can be identified and appropriately handled by the smart contract . Boaters can be fully or partially refunded depending on which conditions of the smart contract are met .
Even if a second party is involved in an incident , the two parties can seamlessly and transparently manage their assets and claims through the blockchain thanks to their unique digital identifiers . Or , should a boater choose to forgo a certain action while docked at a marina , the marina ’ s own policy protect smart contract can self-execute .
Journal of Innovation 83