Blockchain and distributed technology have given us the ability to increase transparency and reduce the reliance on trust in a network, while IoT has given us the ability to create a trusted device to gather accurate data on real-world events.
Sherlock is an enterprise-ready smart contract bringing together IoT, Distributed Document Management and Blockchain to improve traditional contracts, which in turn will make the business processes more efficient, more transparent, more proactive and ensure accountability of participants relevant to the contracts that bind the network while ensuring quality adheres to required standards.
Trusted IoT devices
Digital Twins are intelligent sensors and smart controllers embedded in the process throughout the construction lifecycle.
Smart devices are capable of peer-to-peer control as needed and have logic capability in the sensors.
Patterns of control can be executed in milliseconds from the device. IoT devices monitor topics (events) and publish changes to the blockchain, executing an applicable smart contract.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third party involvement. These transactions are trackable and irreversible.
The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Sherlock converts critical elements (relevant to all stakeholders), from traditional Standard contracts to self-executing smart contracts, which are triggered by verifiable and auditable inbound oracles received from an encrypted IoT device.
Hyperledger Fabric, running on the IBM Blockchain Platform is a platform for distributed ledger solutions underpinned by a modular architecture delivering high degrees of confidentiality, resilience, flexibility, and scalability.
All events are appended to the blockchain within its relevant channel in order to increase transparency and accountability while respecting the privacy of each participant’s commercial model.
IPFS is a protocol and network designed to create a content-addressable, peer-to-peer method of storing and sharing hypermedia in a distributed file system.
Sherlock uses IPFS to ensure all stakeholders involved in a contract are working from any latest signed-off documentation by embedding an immutable IPFS link, of that documentation, into the blockchain.
Sherlock has not been designed to replace current systems. It has instead created trust and reconciliation between these systems, ensuring inefficiencies are eradicated amongst participants. The entire construction network can trust the data that is being propagated between each respective system.
Sherlock's flexible REST APIs make it simple to connect stakeholders of your smart contracts, thereby linking each respective system directly with another.
Capital Projects in Construction, Mining, Agri and Industrial
Capital projects, across the majority of sectors, are hampered by similar trust issues. Sherlock enables trust and transparency across capital projects, to ensure accountability of multi-party contracts, aligning the focus of all stakeholders to the health of the project.
Supply Chain track and trace
Creating a trusted, trackable record of a product as it moves through a supply chain and combining that with the ability of sensory data throughout, ensures an asset adheres to all conditions set out in the supply contracts of the asset.
Digital identities linked to an individual's fingerprint enables a proof-of-presence solution to manage access at all points of control, whether it is an industrial site, a port of entry or an on-site sign-off mechanism linking accountability to each individual.
Safety & Compliance
Safety and Compliance tends to be a process that is checked periodically without any real-time, onsite validation that the required standards are adhered to.
With Sherlock, safety and compliance lives with each individual and the project itself, ensuring that standards are complied with in real-time across all participants.
Sherlock ensures that payment events are captured on the blockchain and relevant details propagated to the relevant peers ensuring payment terms are adhered to in accordance with the smart contracts set between contracting parties.
Sherlock enables the real-time tracking of events by linking IoT edge devices that capture in-field data to update the status of milestones set out by a contract.
Sherlock participants can only see milestones that are relevant to their agreements.
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