A system and method utilizing a canonical model for monitoring fixed entities, transit entities, and/or moveable objects include a circuit having one or more data collectors and a configuration database in communication with the circuit. The configuration database has a plurality of location asset designators (“LADs”) and modal asset designators (“MADs”), and/or sensor asset designators (“SADs”). The circuit is configured to periodically receive information from the transit entities and update the MADs, SADs, and/or LADs of the canonical model. Location information regarding the LADs, MADs, and/or SADs may be provided in a word-based format, such as what3words.