The world of blockchain technology has undergone a major transformation in the last decade, as the concept went from offering a simple means of exchange between two parties to an expanding ecosystem full of protocols with real-world applications ranging from finance. decentralized to unique digital art.
One market sector that has been gaining traction lately, as the global just-in-time delivery system has come under immense pressure, is the group of supply chain and logistics projects that offer blockchain-based solutions for the chain ecosystem. global supply.
While it is true that the current problems faced by global suppliers, carriers, truckers and businesses are multifaceted and include issues such as worker compensation and benefits, the integration of blockchain technology offers a substantial improvement. of the current system, which is often based on tracking physical paperwork between isolated parts of the multinational network.
Here are some of the major blockchain protocols focused on supply chain and logistics, and how they are helping to solve the current challenges facing the global system.
OriginTrail
OriginTrail is a protocol focused on providing logistical support and business solutions to the global community, transforming the current ecosystem of isolated information in Web 2.0 into a “knowledge graph” embedded in Web 3.0.
In an effort to better convey its goals to the general public, OriginTrail underwent a rebrand on October 1 to become the “world’s first decentralized knowledge graph,” which is designed to “organize the most important assets of humanity, making them discoverable, verifiable and valuable. “
As part of the network’s efforts to be able to track assets of all kinds across all networks, OriginTrail has taken a multi-chain approach to facilitate interoperability and is currently running on Ethereum, xDai, and Polygon, and is in the process of integrating with Polkadot.
The long-term goals of the protocol include expansion beyond the physical supply chain to enable the organization, discovery, and verification of all types of items, including art, diplomas, certificates, non-expendable tokens, and decentralized financial assets.
The project recently got something of a seal of approval, as its TRAC token was listed on Coinbase, the leading US-based cryptocurrency exchange, helping to push its value to a new high of $ 3.87.
As supply chain problems continue, protocols like OriginTrail have the potential to help streamline the process while providing all parties along the chain with up-to-date data on port delays and other information. relevant information that can help you make a better-informed decision about the best way to route your cargo.
VeChain
VeChain is a supply chain platform powered by a two-token blockchain that uses Internet of Things (IoT) technology and distributed governance to solve supply chain management problems.
The network’s Proof of Authority (PoA) mechanism, incorporating higher authority masternode operators whose identities are verified by the VeChain Foundation, helps maintain overall network security and ensure that the protocol is executed in accordance with the governance policy of the Foundation.
VeChain recently announced that PoA 2.0 will launch on its testnet on November 5 and is scheduled to go live on the mainnet on November 16.
According to the team, PoA 2.0 combines the Byzantine Fault Tolerance and Nakamoto consensus mechanisms to offer a more secure system, as well as improvements to the randomization process that selects the next block producer and the inclusion of a committee function that randomly selects three producers. of blocks to verify a block.
The VeChain protocol works closely with DNV, the world-renowned expert in assurance and risk management, as part of its global strategy to integrate blockchain technology into the global supply chain.
The two organizations recently met with heads of state in San Marino to present the results and reconfirm their commitment to help the country manage its transition from being a linear economy to a circular economy through the integration of blockchain applications.
VeChain has also been recognized by the Chinese government for its developments in food traceability and the application of blockchain technology in industrial agriculture and rural development.
Morpheus Network
Morpheus Network is a supply chain software as a service platform that is designed to integrate with legacy supply chain technology and emerging technologies, including blockchain, IoT, and RFID to provide chain managers Supply a fingerprint for the items you are tracking in a secure environment.
The protocol recently underwent a rebrand and token swap from its old MRPH token to the new MNW token in an effort to improve the token’s smart contract capabilities and increase its security and level of efficiency. Following the announcement of the token exchange on October 19, the price of MNW rose to a new high of $ 5.19 on November 3.
One of the features included in the new smart contract is the ability for the programs stored on the blockchain to run automatically when the terms and conditions agreed by the parties involved are met.
This enables a new level of process automation and enables instant settlement, while eliminating third-party intermediaries that slow down the process and take a share of the action.
The efforts made by the Morpheus team have not gone unnoticed, as the project has recently received several awards, including the ISCEA PTAK 2021 Award for Supply Chain Excellence at SCTECH2021, as well as the choice by Gulftainer , a global private equity port operator, as a blockchain winner in its “The Future of Ports” contest.
The overall stated goal of the Morpheus Network is to use its global network of partners to help businesses and government organizations “remove barriers to streamline and automate their global supply chain operations.”
Although blockchain technology may not be able to solve all of the problems currently plaguing the global supply chain system, contributions from projects such as OriginTrail, VeChain, and Morpheus Network promise to help simplify and streamline the process over time, at the same time. that eliminate middlemen and make the industry greener and more sustainable.
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