SmartLoC provides a data-driven B2B payment platform that integrates IoT technology for real-time shipment monitoring and secure transaction processing in international trade. This solution replaces traditional bank-based financing methods, reducing costs and risks associated with incomplete or damaged shipments while enhancing supply chain transparency.
Funding
$1.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BALVMMFounders
Product
Problem
Traditional international trade finance relies on outdated, inefficient processes, such as letters of credit, which can be costly, time-consuming, and lack transparency. Exporters and importers often struggle with inconsistent contract versions, difficulty monitoring shipments in real-time, and ensuring payments are executed only when pre-defined conditions are met.
Solution
SmartLoC provides a B2B payment platform that leverages IoT technology to offer real-time shipment monitoring and secure transaction processing for international trade. The platform enables trading partners to create and negotiate contracts using standard templates, facilitating collaboration and eliminating inconsistent email exchanges. IoT devices provide independent, real-time tracking and tracing of shipments, giving users full control and visibility. Payments are released automatically when the conditions defined in the smart contract are satisfied, ensuring a transparent and trustworthy payment process for both parties.
Target Audience
SmartLoC targets exporters, importers, and manufacturers involved in international trade who seek a more transparent, secure, and efficient payment and shipment monitoring solution.
Features
- Collaborative contract creation and negotiation platform with standard templates
- Worldwide regulated payment service with transparent pricing
- Real-time shipment monitoring using dedicated IoT devices for location tracking
- Environmental condition monitoring (humidity, temperature, shock detection)
- Supply chain intelligence based on data collected from shipment monitoring
- Event-based payment release upon meeting pre-defined conditions