The United States Patent and Trademark Office (USPTO) has recently issued US Patent No. 10,410,162 to Navarik Corp., a software platform provider to the petroleum supply and trading industry. The patent covers mechanisms for grouping parcels and enabling calculation of losses at the time of shipping.
It is a matter of fact that yes – some loss of cargo is expected in the oil industry during shipping; however, even these small amounts of loss product can lead to a significant loss of revenue. In this scenario, the traditional mechanisms depend on human inspection for tracking these losses and are usually prone to error. Navarik’s patented technology holds immense potential for replacing this unreliable human inspection with validated and automated software tracking. The patent efficiently describes how a company or organization can feed shipping logs into Navarik’s software, and further how that software can both validate and process those logs. Additionally, the patent also describes how the software is capable of grouping parcels for multiple different points of a long journey together to verify that they reflect the same cargo itself at different times of a voyage. Based on the parcel data, the software can then further calculate a loss between those different points for effectively increasing the accuracy of the calculation and removing the need for human intervention.
Based on their initial Patent Application in 2009, the ‘162 Patent is the second patent issued to Navarik. The first patent with US Patent No. 8, 301,517, also corresponds to the mechanisms for grouping parcels. All in all, the ‘517 and ‘162 Patents give Navarik the exclusive rights to its patented technology.
Navarik’s objective is to emerge as the leading provider of technology products for the inspection industries and commodity shipping by leveraging its industry expertise and on-demand software platform. Most of the widely-known oil companies across the globe heavily depend on Navarik’s flagship product, known as Navarik Inspection™, for data intelligence and business process automation. The product helps them significantly in optimizing trade with their counterparties and achieving better performance from their inspection firms, terminals, and vessels. For more visit: https://www.trademarkmaldives.com
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