IronBlock - decentralized platform for machinery condition verification
Today, conventional sale models for specialized machinery lack transparency and pose risks in both direct and distance sales. The price of used machinery on this market can run up from several tens of thousands US dollars to a few million US dollars, depending on its condition and original price. Validity of technical condition data for specialized machinery, combined with trust in the counterparty make up the key criteria for dealmaking on the market. Online listings and bulletins serve as the main communication channel between market players, and they don’t guarantee that condition data to be true or that equipment is available in the first place.
The global specialized machinery sale, lease, and maintenance market potential for just construction, agriculture, and raw materials exceeds $1 trillion a year, with new machinery sales growing at around 6.5% a year. Yet direct online sales without middlemen only amount to no more than 2% of the entire market. The reason for a sales volume this low is primarily due to lack of trust between parties.
This trust issue is being solved by major industrial auctions such as Ritchie Bros., Iron Planet and others. With that said, using these auction rings does impose a number of restrictions on machinery owners along with logistics expenses, as well as downtime and pre-sale preparation expenses. It stands to reason that none of the existing business models solve the trust issues present between market players globally, neither the solutions are easily scalable, and ultimately, one way or another, lead to additional expenses for both buyers and sellers.
IronBlock Solution
IronBlock is a decentralized platform for machinery condition verification, maintenance services optimization and it guarantees compliance with all the contractual obligations for transactions between participants in the market of construction, mining and agricultural machinery. The main task of IronBlock is to provide the necessary confidence level in the information about traded equipment so that owners, leasing and insurance companies, as well as buyers around the world, can interact directly without intermediaries, without risks and with significant money and time savings.
IronBlock provides a solution for the two major problems for the global specialized machinery market:
1. Proving the validity of information about machinery.
2. Guarantees of compliance with contractual obligations between participants.
2. Guarantees of compliance with contractual obligations between participants.
Equipment data validity
The solution is based on uberization of maintenance services and machinery inspection with participation of local service centers and information recording on the blockchain. Each service center should undergo verification and selection process to obtain an IronBlock license. The quality and speed of processing orders for machinery certification and service directly affects the service center’s rating and its total profit from each transaction.
Guarantee of compliance with contractual obligations between participants (ESCROW). The use of IronBlock certificates and techpassports guarantees compliance with contractual obligations with the help of local licensed IronBlock agents, writing down and sealing the terms into a smart contract.
Our solution will allow to monitor the transaction on all stages:
- L/C for transaction
- Equipment logistics;
- Customs registration;
- Legal support.
To make control and compliance with the contractual obligations possible, the API access to the platform will be provided to the largest local and international logistics operators, insurance companies, customs brokers and other participants of the market ecosystem.
Equipment condition certificate
Basic element of the platform is the IronBlock trusted electronic certificate, implemented in the Ethereum blockchain smart contracts using distributed data storage technology. In the industrial machinery market, machinery inspection services are well developed. The average cost of such service is about 500–1000 Euro. Local service centers can provide such service, sending their field teams to the equipment location wherever it is, to conduct technical inspection. As a rule, the client is a Buyer or Seller who wants to sell used equipment for a higher price, or vice versa. The IronBlock certificate has 3 levels of machinery validation. One basic and two extra.
To see an example of an issued certificate, follow this link: http://www.machinefinder.com/eval/ a7adbe22c00b8ba392d7–126039
Certificate authenticity
Each issued Certificate will be signed by a licensed service center, the certificate hash will be recorded on the Ethereum blockchain, with all the detailed information, including media files, will be placed in a distributed file storage system for the entire validity period of the Certificate. At the same time, during the Certificate validity period it will be impossible to make any changes, which guarantees its authenticity and protects against forgery.
Certificate in use
The certificate allows buyers to verify equipment data, and sellers to prove its validity. That said, the Owner can use it while publishing ads on any platform to confirm authenticity and validity of the information presented in the equipment description. The buyer can also order certificate for any machinery he plans to purchase. Leasing companies and owners of large equipment fleets can distantly and regularly receive reliable information about their equipment’s condition. IronBlock certificate will also allow to use ESCROW service for specialized machinery transactions using IronBlock platform later down the line.
Techpassport
Techpassport is designed to confirm current machinery state and control its condition, as well as to improve maintenance quality in the long term. Maintenance frequency for heavy equipment is done, on average, every 250–500 hours (an average of at least once every 2 months). IronBlock provides global infrastructure for regular, highquality maintenance through licensed local service centers.
Service history authenticity
Maintenance work information is recorded in blockchain, and detailed information is stored in a distributed file storage system. Thus machinery maintenance history is saved automatically, throughout the operating period — even if the owner and location change.
Application
The techpassport solves the problem of trust and control over machinery condition in the long term, be it renting or leasing machinery. This solution allows leasing companies and machinery owners to control maintenance timeliness, optimize cost while keeping high standards of quality, automate storage and reporting of maintenance services.
On top of that, by integrating with IronBlock Market or any other platform, current owners will be able to provide potential customers with access to extended information about the technical state. Given the possibility of machinery state monitoring via a techpassport, it becomes possible to negotiate equipment sale or lease in advance — before the sale period begins, while minimizing downtime losses caused by taking the equipment out of production for sale (placing it on an auction and other offline platforms). The platform will provide access for machinery manufacturers and distributors, to supply and purchase consumables and spare parts from them directly at the best prices, so as to optimize regular maintenance cost.
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