IronBlock - a decentralized platform for verifying machine conditions

IronBlock is a worldwide distributed platform designed to facilitate trading and optimize special machine market services. One of the important goals of this platform is to secure transactions and to increase the transparency of the state of the machine being sold (all parties involved).
This platform can be easily integrated with one of the existing platforms for equipment sales, so this platform directly increases the confidence level on advertising for equipment sales and gets full functionality from the classical market.

Potential sales, lease and maintenance of special machinery specifically for construction, agriculture, and raw materials only reach $ 1 trillion per year, with new engine sales growing at about 6.5% per year. However, direct online sales without intermediaries amount to no more than 2% of the total market. The reason for this low sales volume is mainly due to the lack of trust between parties.

This confidence issue was solved by large industry auctions such as Ritchie Bros., Iron Planet and others. By saying that, using this auction ring does impose some restrictions on machine owners as well as logistics costs, as well as the cost of downtime and pre-sale preparation. According to him, there is no existing business model that solves the confidence issues that exist among market participants globally, but the solution is easily scalable, and ultimately, in one way or another, causing additional costs to buyers and sellers.

IronBlock solution

ronBlock is a decentralized platform for verifying machine conditions, optimizing maintenance services and ensuring compliance with all contractual obligations for transactions between participants in the construction, mining and agricultural machinery markets. IronBlock's primary duty is to provide the necessary level of trust in information about traded equipment so that owners, leases and insurance companies, as well as buyers worldwide, can interact directly without intermediaries, without risk and with significant money and time savings. .

IronBlock provides solutions to two major global specialty machine market issues:

1. Proving the validity of information about the machine.
2. Guarantees of compliance with contractual obligations among participants.

Validity of equipment data
The solution is based on the uberization of machine maintenance and inspection services with the participation of local service centers and recording of information on the blockchain. Each service center must undergo a verification and selection process to obtain an IronBlock license. Quality and speed of order processing for certification and machine services directly affects the service center rankings and the total profitability of each transaction.

Guarantee of fulfillment of contractual obligations among participants (ESCROW). The use of IronBlock certificates and techpassports ensures compliance with contractual obligations with the help of licensed IronBlock agents locally, writing down and sealing requirements into smart contracts.

Our solution will make it possible to monitor transactions at all stages:

L / C for transactions
Logistics equipment;
Customs registration;
Legal support
To exercise control and compliance with contractual obligations, API access to the platform will be provided to the largest local, international logistics operators, insurance companies, customs brokers and other market ecosystem participants.

Certificate of equipment condition


Techpassport is designed to confirm the current state of the engine and control its condition, as well as to improve the quality of care in the long term. Machine maintenance frequency is done on average every 250-500 hours (average minimum every 2 months). IronBlock provides a global infrastructure for regular and high quality maintenance through a licensed local service center.

Authenticity of service history
Maintenance work information is recorded in blockchain, and detailed information is stored in a distributed file storage system. Thus the history of machine maintenance is automatically stored, throughout the operating period - even if owners and locations change.

Application
This technician solves the problem of trust and control over the condition of the machine in the long run, whether it is renting or renting machines. This solution allows leasing companies and machine owners to control the timeliness of maintenance, optimize costs while maintaining high quality standards, automated storage and maintenance service reporting.

In addition, by integrating it with IronBlock Market or other platforms, the current owner will be able to provide potential customers with access to additional information regarding technical circumstances. With the possibility of monitoring the status of machines through technology, it may be possible to negotiate equipment or rental sales in advance - before the sale begins, while minimizing downtime losses caused by production equipment issued for sale (placing them at auction and other offline platforms). This platform will provide access for manufacturers and engine distributors, to supply and purchase consumables and spare parts from them directly at the best price, thus optimizing routine maintenance costs.

Related information for this project:

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Author: aa.aep

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