A common blockchain pattern is IoT-enabled monitoring of an asset as it moves along a multi-party supply chain. A great example of this pattern is the refrigerated transportation of perishable goods like food or pharmaceuticals where certain compliance rules must be met throughout the duration of the transportation process. In this scenario, an initiating counterparty (such as a retailer) specifies contractual conditions, such as a required humidity and temperature range, that the custodians on the supply chain must adhere to. At any point, if the device takes a temperature or humidity measurement that is out of range, the smart contract state will be updated to indicate that it's out of compliance, recording a transaction on the blockchain and triggering remediating events downstream.
Supply Chain Track and Trace