Streamr and VTT Technical Research Centre of Finland have developed a prototype adhesive ID tag based on blockchain technology, which enables valuable goods to be protected without revealing their location.

The tag is based on a smart contract, using blockchain technology, between the owner of the goods and the transport company. The contract defines the terms and conditions of transportation and storage and the fee. For the purpose of monitoring the terms of the smart contract, a range of smart sensors are embedded in the tag which identify issues such as the location, acceleration and temperature. Parties previously unknown to each other can use blockchain technology to co-produce and maintain databases in a decentralised and reliable manner.

For example, the owner of the product cannot see accurate transport information on the goods unless the terms are violated. Data is processed either in encrypted form or managed by a third party, such as Streamr, which provides platform data and smart contracts for presentation and processing.

“In the future, there will be more demand for online applications of this kind, which ease everyday life based on decentralised technology and smart contracts. Similar systems have already been tested for the needs of the healthcare sector,” said Research Scientist Visa Vallivaara of VTT.