20240029007. SYSTEM AND METHOD FOR FORECASTING DELIVERIES VIA BLOCKCHAIN SMART CONTRACTS USING HYPERSPECTRAL COMPUTER VISION simplified abstract (Walmart Apollo, LLC)
SYSTEM AND METHOD FOR FORECASTING DELIVERIES VIA BLOCKCHAIN SMART CONTRACTS USING HYPERSPECTRAL COMPUTER VISION
Organization Name
Inventor(s)
Tarun Dasari of Bentonville AR (US)
Aditya Reddy Cheruku of Bentonville AR (US)
Sumanth B. Talasila of Bentonville AR (US)
Kishore P. Sasthiri of Bentonville AR (US)
Murthy N. Kolluru of Bentonville AR (US)
SYSTEM AND METHOD FOR FORECASTING DELIVERIES VIA BLOCKCHAIN SMART CONTRACTS USING HYPERSPECTRAL COMPUTER VISION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240029007 titled 'SYSTEM AND METHOD FOR FORECASTING DELIVERIES VIA BLOCKCHAIN SMART CONTRACTS USING HYPERSPECTRAL COMPUTER VISION
Simplified Explanation
The abstract of the patent application describes a supply chain forecasting system that utilizes blockchain controls. The system involves a central computing system and a third-party computing system that communicate with each other. These systems can initiate, adjust, and fulfill smart contracts related to the delivery of physical objects using blockchain controls.
- The supply chain forecasting system includes a central computing system and a third-party computing system.
- The central computing system and third-party computing system can communicate with each other.
- The system can initiate, adjust, and fulfill smart contracts associated with the delivery of physical objects.
- Blockchain controls are used to facilitate the execution of these smart contracts.
Potential applications of this technology:
- Supply chain management: The system can be used to streamline and automate various processes in the supply chain, such as order fulfillment, inventory management, and logistics.
- Forecasting and planning: The system can help businesses forecast demand, plan production schedules, and optimize inventory levels based on real-time data and smart contracts.
- Transparency and traceability: Blockchain controls provide a transparent and immutable record of transactions and movements within the supply chain, allowing for enhanced traceability and accountability.
Problems solved by this technology:
- Lack of transparency: The use of blockchain controls ensures transparency in the supply chain by providing a tamper-proof record of transactions and activities.
- Inefficiencies in contract management: Smart contracts enable automated and efficient contract execution, reducing the need for manual intervention and minimizing errors.
- Limited visibility and coordination: The system allows for real-time communication and coordination between the central computing system and the third-party computing system, improving visibility and collaboration in the supply chain.
Benefits of this technology:
- Increased efficiency: The automation and streamlining of processes through smart contracts and blockchain controls can lead to improved efficiency in the supply chain.
- Enhanced transparency and traceability: The use of blockchain controls provides a transparent and immutable record of transactions, ensuring transparency and traceability throughout the supply chain.
- Improved coordination and collaboration: Real-time communication and coordination between the central computing system and the third-party computing system enable better coordination and collaboration among stakeholders in the supply chain.
Original Abstract Submitted
a supply chain forecasting system with blockchain controls is discussed. the supply chain forecasting system can include a central computing system communicating with a third party computing system. the central computing system and third party computing system can initiate, adjust, and fulfill smart contracts associated with the delivery of physical objects using blockchain controls.
