Smart contracts for the railway supply chain

Suppose there is a railway company willing to improve its supply chain performance. One of the methods is using smart contracts for freight shipments tracking and verifying automation.

A railway company can create a smart contract containing shipment details such as the cargo type, origin and destination, as well as the approved cargo shipping price. A smart contract may also include payment terms such as a requirement to deliver shipment to its destination before payment.

Once a smart contract has been created, it can be deployed on the blockchain network as a permanent and tamper-proof record of shipment. After that, the railroad company and the cargo owner can use the blockchain to track the progress of the shipment in real time.

Sensors and GPS devices can be used to update the smart contract with the latest location and status data as cargo moves along the railway. This data can be used to trigger automatic payments to the railway company at every milestone, such as cargo loading onto a train, passing through a specific checkpoint, and arriving at its destination.

This is how smart contracts allow the railway company and the cargo owner to optimize the entire shipment process, reduce paperwork and administrative costs, speed up and increase reliability of cargo transportation.

The Relictum Pro team is working on a system of user dynamic smart contracts.

This development will enable anyone to implement and use smart contracts on the Relictum blockchain without the involvement of Relictum technical specialists.