DENVER and VANCOUVER, British Columbia, August four, 2021 (GLOBE NEWSWIRE) – SPOTLITE360 TECHNOLOGIES, INC. (“Spotlite360” or the “Firm”) (CSE: LITE) (OTC: SPLTF) is at present within the technique of commercializing its know-how suite that leverages blockchain and Web of Issues (“IoT”) performance (the “Spotlite360 Applied sciences”) for provide chains in quite a lot of industries. The corporate has strategically chosen market segments to concentrate on initially, together with the pharmaceutical business (as described in a press launch dated July 6, 2021) and the healthcare sector (as described in a press launch dated July 12, 2021). The corporate can also be exploring alternatives to make use of Spotlite360 applied sciences in agricultural provide chains which have confronted important challenges lately as macro components reminiscent of employee issues and better oil costs have impacted the business as a whole1.
All sides of Spotlite360 applied sciences could be simply built-in into methods, units and consumables frequent to agribusiness gamers together with farmers, land vehicles, distribution facilities and meals retailers. In a video presentation launched by the Firm in July 2021, Spotlite360 President James Greenwell launched examples of item-level monitoring applied sciences reminiscent of Radio Frequency Identification (“RFID”) tags mixed with applied sciences utilized by TrackX Holdings Inc inside Spotlite360 -Applied sciences to watch the motion of stock with immutable data. Examples of the advantages firms within the agribusiness may obtain through the use of Spotlite360 applied sciences embody the next:
Full visibility of the cargo journey: By bettering reporting on a product’s motion by the provision chain, firms utilizing options reminiscent of Spotlite360 applied sciences can determine potential threats or inefficiencies with fewer knowledge gaps. Since blockchain entries can’t be modified, the chance of knowledge document manipulation within the occasion of a dispute is diminished. As well as, this performance permits an accelerated execution of callbacks to guard the tip person.
Stopping spoilage loss: IoT sensors allow options reminiscent of Spotlite360 applied sciences to constantly detect varied attributes of the surroundings by which stock is saved or transported (e.g. temperature, humidity) with a purpose to keep product high quality and freshness. With the flexibility to pinpoint the place and when shipments are uncovered to inappropriate situations, organizations can extra simply resolve such points with minimal investigation.
Sustainability assurance: Spotlite360 applied sciences can gather and consolidate quite a lot of sustainability knowledge (e.g., gasoline effectivity of business autos) to underpin statements about company social and environmental accountability and to assist shoppers higher perceive their meals decisions. In 2019, the World Wildlife Fund of Australia introduced that it was utilizing a blockchain-based platform to offer shoppers with sustainability-related details about sure meals and merchandise (e.g. to make sure that no fish was caught in a longtime marine reserve) 2 .
Proof of origin: Sure meals classes are topic to a excessive burden of proof with regard to the origin of the product (e.g. manufacturing and processing requirements for kosher and halal meals) and may typically considerably enhance the gross sales worth. The corporate plans to incorporate compliance frameworks for a number of source-sensitive product classes within the Spotlite360 applied sciences, which may allow firms to show origin and keep the provision chain extra effectively in comparison with conventional strategies.
Within the late 2010s, retail large Walmart pioneered the widespread use of blockchain applied sciences to trace shipments. The primary pilot program allowed Walmart to trace an merchandise from a retailer to its farm of origin in simply 2.2 seconds, a drastic discount from the usual seven-day time. In an announcement dated September 24, 2018, Walmart identified that suppliers of leafy greens (e.g. romaine lettuce, spinach) in its shops in addition to in Sam’s Membership warehouses will likely be inspired to undertake blockchain know-how throughout the subsequent year3.
The story goes on
James Greenwell, President of Spotlite360, commented, “Blockchain has confirmed to be a related, efficient and disruptive know-how within the agricultural sector, which is a serious cause why we selected agriculture as one in all our first goal industries. Spotlite360 applied sciences transcend simply monitoring info in a distributed ledger, as the actual worth comes from the coordinated use of IoT to seize an unprecedented quantity of knowledge that can be utilized to make enterprise selections. Whereas the demand for agricultural merchandise will naturally stay comparatively fixed, the previous few years have proven that working situations could be something however fixed. We subsequently imagine that Spotlite360 can supply important advantages to firms within the agribusiness by offering end-to-end visibility of the provision chain with dependable and automatic entry to crucial info each step of the best way. “
1 – https://www.nbcnews.com/enterprise/business-news/price-food-gas-creeping-higher-will-stay-way-while-n1259206
2 – https://www.wwf.org.au/information/information/2019/world-first-revolutionary-blockchain-platform-empowers-all-to-track-environmental-and-ethical-impact-of-food- and merchandise # gs.7o8efy
three – https://company.walmart.com/media-library/doc/leafy-greens-on-blockchain-press-release/_proxyDocument?id=00000166-0c4c-d96e-a3ff-8f7c09b50001
On behalf of the Board of Administrators of the Firm,
Spotlite360 Applied sciences Inc.
James Greenwell, President
For extra info on Spotlite360, please go to: http://spotlite360.com
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About Spotlite360 Applied sciences Inc.
Spotlite360 is a logistics know-how supplier that unlocks worth, alternative and effectivity for all contributors in a provide chain. Constructing on present functions of IoT applied sciences, distributed ledgers and machine studying, Spotlite360 strives to set new requirements for transparency, integrity and sustainability within the pharmaceutical, healthcare and agriculture industries. As regulators around the globe impose new traceability and accountability obligations to guard shoppers (such because the US Meals and Drug Administration’s DSCSA and FSMA), the necessity for dependable, cheap, and versatile traceability know-how is predicted to extend considerably. Spotlite360’s flagship SaaS answer is designed to seamlessly monitor the motion of a product by integrating it with the methods of all main stakeholders in a provide chain that extends from uncooked supplies to the fingers of the tip person. With the first objective of including new prospects in 2021, Spotlite360 plans to discover revolutionary use circumstances for its proprietary know-how stack that would remodel logistics operations in among the world’s largest industries.
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