The Remarkable Configurability of the DL Asset Track™ Platform

The remarkable configurability of the DL Asset Track™ Platform
The remarkable configurability of the DL Asset Track™ Platform

In these days of solution-centric software systems, it is refreshing to come across a platform that is extremely robust and highly configurable.

The old saying states “Jack of all trades. Master of none”. The DL Asset Track™ platform, however, could be described as “Master of all”. At its core, the DL Asset Track™ platform possesses an inherent agility rivalled by few [none].

The DL Asset Track™ platform is highly configurable. The platform can be configured to optimize almost any process involving multiple systems and multiple parties, in any industry.

Challenges that organizations face today can be categorized into the following areas:

1) Complex Workflows challenges

  • Multi-party workflows

2) Audit Issues

  • Lack of real-time tracking
  • Lack of transparency

3) Siloed Systems & Data

  • Separate management systems
  • Data silos

4) Security Issues

  • Data tampering
  • Data corruption
  • Data theft

5) Data Transparency

  • Trust issues between parties

How does DL Asset Track™ solve these issues?

> Flexible workflow definition

The DL Asset Track™ platform addresses the complexities of today’s business landscape by allowing integrators to quickly and easily define workflows, which in turn allow the platform to work with non-linear, complex, and multi-party business workflows.

Whether the workflow involves internal stakeholder groups, or spans across multiple external vendors and service providers, the DL Asset Track™ platform can be easily configured to support these complex multi-party business logic workflows and interactions.

The DL Asset Track™ platform allows platform configurators to easily define workflow hand-offs, ensuring that “the ball is not dropped” when something passes from one workflow participant to another. It provides clear accountability and activity traceability.

> Robust Transaction and Activity traceability

The DL Asset Track™ platform provides organizations with a robust and comprehensive transaction audit capability. The platform records all transactions details; details that you define, to the blockchain.

In addition to this functionality, the DL Asset Track™ platform has the ability to visually show all participant activities and transactions, from any point in time, and present them in a clear and auditable manner.

The platform also supports configurable time-based or event-based workflow escalation paths, allowing issues raised in workflows to be sent to the people empowered to make decisions, ensuring that organizations meet their service-level requirements.

> Integration of Existing Business Logic

The DL Asset Track™ platform provides a powerful toolkit that allows for the definition and configuration of complex business logic formulaically and visually within Smart Contracts, giving system configurators the ability to respond to the business need, at the pace the business defines.

Through Smart Contracts, complex arithmetic business logic and business rules can be configured into the DL Asset Track™ platform and the resultant calculated data can be leveraged to perform anything from invoicing to reconciliation, to tracking of assets, facilitating manufacturing workflows, and so on. DL Asset Track™ is industry agnostic and can be configured to fit any organization’s needs.

> Security

Ensuring that the right people, at the right time, are seeing the right information — and not seeing information that they should not be seeing are paramount in today’s competitive business environments.

The DL Asset Track™ platform allows for security administrators to define Internal and External permission groups, and to provide multiple layers of controlled access. Administrators are empowered to define and control data modifications at the attribute level.

DL Asset Track™ records timestamps and encrypts all transactions and digital interactions, resulting in an auditable record and a single source of truth.

> Transparency of Data

The DL Asset Track™ platform facilitates trust between partners in multi-party workflows by providing the ability to create a single source of data truth. It improves trust by providing secure visibility into data sources that were previously kept in siloed systems, ensuring that the right parties see the right data, at the right time.

> Ease of Integration

The DL Asset Track™ platform has the ability to integrate with an organization’s existing legacy systems for reading and writing of data. This allows for “business as usual” for the organization’s workforce.

Through a comprehensive set of REST APIs, integrators and system administrators have the ability to create, read, update, and leverage platform data. Additionally, it is able to process data from multiple data sources. If your organization has data subscriptions, DL Asset Track™ can consume it.

Benefits

What does all this mean for organizations?

The DL Asset Track™ platform empowers organizations to:

  • Improve efficiencies through faster and more accurate processes.
  • Lower costs
  • Auditable in real-time & increased layers of trust
  • Optimized multi-party workflows

The DL Asset Track™ platform powers the DL Freight™ platform which is currently the largest blockchain solution for industrial application in the world, that is used by Walmart Canada. To know more about how we empowered Walmart Canada with this new platform, check out this post:

Author — Francis Roque, DLT Labs

About the Author: Francis is a seasoned Senior Business Analyst whose experiences span Fintech, Financial Regulation, Human Resources, Telecom, Consulting, Managed Services, and now Freighttech and Distributed Ledger technology.

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DLT Labs is a global leader in Distributed Ledger Technology and Enterprise Products. To know more, head over to: https://www.dltlabs.com/

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