Spotlite360 Technologies (LITE.C) announced they are in the process of commercializing their blockchain and Internet-of-Things (IoT) functionality for the agriculture industry.
Spotlite360 is a logistics technologies solutions provider aiming to set new standards of transparency, integrity, and sustainability by building on existing IoT technology, as well as by using distribution ledgers and machine learning. Spotlite plans on integrating their technology into systems, equipment, and supplies that are common in the agricultural industry.
These integrations include enhancing the visibility of shipment journeys, allowing for better tracking of a product’s movements through the supply chain. By using the blockchain as the ledger for shipping journeys, Spotlite is making it more difficult to tamper with and allowing people to recall and access records more easily. They also plan on using their technology to help authenticate the proof of origin or proof of certain practices for foods, such as kosher or halal foods, which currently are more expensive due to the difficulties involved with proving their authenticity.
Spotlite360 also said they plan on using IoT sensors, blockchain and machine learning to avoid spoilage of goods and sustainability assurance. IoT sensors can detect environmental factors like humidity and temperature that contribute to food spoilage and can help gather data about what points in the shipping process that food is most likely to be spoiled, allowing companies to avoid/minimize the time food spends in those conditions. Blockchain technology could also be used to provide a more reliable account of the environmental impact of food.
“Blockchain has proven to be a relevant, effective, and disruptive technology in the agriculture space, which is a key reason why we chose agriculture as one of our initial target industries. The Spotlite360 Technologies go far beyond just keeping track of information on a distributed ledger, as the real value comes from the coordinated use of IoT hardware to capture an unprecedented scope of data that can be used to make business decisions. While the demand for agriculture products will naturally remain relatively constant, the past few years have shown that operating conditions can be anything but constant. We therefore believe that Spotlite360 can provide significant benefits to firms in the agriculture industry by providing end-to-end supply chain visibility with reliable and automated access to key information at each step of the way,” commented Spotlite360 President James Greenwell.
Many blockchain enthusiasts like to tell wild tales of a techno-utopian future where governments have fallen and we live in a magical world of decentralization. But out here in the real world, Spotlite is finding useful applications for their blockchain technology that will allow them to actually help optimize an industry that is vital to survival.
So while we endlessly debate if Bitcoin is a scam or the key to emancipation, Spotlite360 will be using the blockchain for actual useful purposes.
Following the news, LITE shares are up 2 cents and are currently trading at $1.10.