Kongsberg Digital partners with Data Gumbo
Kongsberg Digital partners with Data Gumbo to improve supply chain efficiencies by integrating and making blockchain smart contracts available inside Kognitwin
The partnership enables customers of Kognitwin® to take advantage of the combined power of rich digital twins with Data Gumbo’s massively interconnected industrial smart contract network, GumboNet™, powered and secured by blockchain. The combined technology offerings improve supply chain efficiencies and transactional accuracy and transparency to drive value for heavy asset industries.
Kognitwin is a world leading digital twin Software-as-a-Service platform that enables industrial operators to integrate and contextualize data from their IT and OT systems, for advanced analytics and simulation that drive higher degrees of asset performance and collaboration. Kognitwin changes the nature of working with industrial data, allowing data streams to change enterprise workflows. When deployed with automated smart contracts on GumboNet, customers, vendors and suppliers can integrate specific transactional data resulting in comprehensive real-time and predictive digital replicas of industrial heavy assets.
“Digital twins and portfolios thereof are becoming prioritized enablers for operator transformation. We are increasingly observing a growing number of operators intending to centralize sensor and transactional data, including critical supply chain information, on their digital twins. In the past, unlocking value through smart contracts have largely been challenging because of access to complex source data. Now, with digital twins that include representations for real-time sensors, virtual sensors and integrated transactional data, we find an unprecedented opportunity to meaningfully catalyze utilization of smart contracts and distributed ledger technologies. Through our partnership with Data Gumbo we can enable customers to make meaningful progress toward real-time supply chain management, fundamentally changing how this business process operates today” said Shane McArdle, SVP Digital Energy, Kongsberg Digital.
Kognitwin will integrate with GumboNet to codify the triggering of supply chain transactions on smart contracts and automated payments. End-users will experience real-time updates to contractual transactions based on current data sets, viewable in a digital twin context.
The partnership addresses global operators’ needs to improve supply chain management by empowering operators to reduce processing times, access real-time data to increase confidence in processing and aid in strategic business decision making throughout their supply chains. The solution has further potential to take advantage of Kongsberg Digital’s own supply chain tracking solutions.
“This integration of digital twin technology with blockchain-backed smart contracts signals a huge opportunity for supply chain cost reduction and transparency,” said Andrew Bruce, CEO and Founder, Data Gumbo. “In deploying GumboNet, Kongsberg Digital is able to offer a control tower to its customers with the ability to provide 4-5 way matching, cross-referencing and triggering of supply chain data and events. By automating real-time transactions with certainty, we are making supply chain management intuitive, easy and transparent allowing parties to capitalize on savings and value.”
“In the future we expect that digital twins, by means of their workflow enablement, information accuracy and data richness, will serve as the main triggers for supply chain activities. We are pleased to partner with Data Gumbo on paving the path for innovation in this domain,” concludes McArdle