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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