3 blockchain protocols face the supply chain crisis


The world of blockchain technology has undergone a major transformation in the past ten years, because the concept has evolved from providing a simple way of exchange between two parties to a huge ecosystem, which is full of various agreements, real-world applications From decentralized finance to one-on-one-friendly digital art.

A sector of the market has been receiving attention recently, and Global on-time delivery system Under tremendous pressure is the supply chain and logistics project team that provides blockchain-based solutions for the global supply chain ecosystem.

Although the current problems faced by global suppliers, shippers, truck drivers and companies are indeed multifaceted, including issues such as worker compensation and benefits, the integration of blockchain technology provides a substantial upgrade to the current system, which usually relies on To track the physical paperwork between. Isolated parts of transnational networks.

Below are some of the top blockchain protocols that focus on supply chain and logistics, and how they contribute to solving the current challenges facing global systems.

origin

OriginTrail is a protocol that focuses on providing logistical support and enterprise solutions to the global community by transforming the current ecosystem of isolated information on Web 2.0 into an integrated “knowledge graph” on Web 3.0.

In order to better communicate its goals to the wider public, OriginTrail carried out a rebranding on October 1, becoming “the world’s first decentralized knowledge graph”, aiming to “organize humanity’s most important assets and make It is discoverable, verifiable and valuable.”

As part of the network’s effort to be able to track all types of assets in all networks, OriginTrail uses Multi-chain approach to promote interoperability It is currently running on Ethereum, x​​Dai and Polygon, and is being integrated with Polkadot.

The long-term goals of the agreement include extending beyond the physical supply chain to organize, discover and verify various items, including artworks, diplomas, certificates, irreplaceable tokens and decentralized financial assets.

Recently, the project received various approvals as its TRAC token was listed on Coinbase, the top US cryptocurrency exchange, which helped to increase its value to a record high of $3.87.

TRAC/USD 1-day chart. Source: TradingView

As the supply chain struggle continues, agreements like OriginTrail have the potential to help streamline the process, while also providing all parties in the supply chain with the latest data and other relevant information about the port backlog, helping them make more informed decisions about shipping The best way to cargo.

VeChain

VeChain is a dual-token blockchain-driven supply chain platform that uses Internet of Things (IoT) technology and distributed governance to solve supply chain management issues.

VET/USD 1-day chart. Source: TradingView

The network’s proof of authority (PoA) mechanism includes a larger authority masternode operator whose identity is verified by the VeChain Foundation, which helps maintain overall network security and ensure that the agreement operates in accordance with the foundation’s governance policies.

VeChain recently announced that PoA 2.0 will be released on its testnet on November 5th, and it is planned to be launched on the mainnet on November 16.

According to the team, PoA 2.0 combines Byzantine fault tolerance and Nakamoto consensus mechanism to provide a more secure system and an improvement to the random process of selecting the next block producer, and includes a committee function that randomly selects three The block producer verifies a block.

VeChain Protocol Work closely with DNV, A globally recognized assurance and risk management expert, as part of its overall strategy to integrate blockchain technology with the global supply chain.

The two organizations recently met with the heads of state in San Marino, demonstrated the results, and reiterated their commitment to help the country manage the transition from a linear economy to a circular economy by integrating blockchain applications.

VeChain’s development in food traceability and the application of blockchain technology in industrial, agricultural and rural development have also been recognized by the Chinese government.

related: The European Central Bank is committed to DLT-based asset settlement

Sleep network

Morpheus Network is a supply chain software-as-a-service middleware platform designed to integrate with traditional supply chain technologies and emerging technologies (including blockchain, Internet of Things, and RFID) in order to Provide supply chain manager Provide a digital footprint for the items they track in a safe and secure environment.

The protocol recently rebranded and exchanged tokens from the old MRPH token to the new MNW token to improve the smart contract function of the token and increase its security and efficiency level. After the token swap was announced on October 19, the price of MNW rose to a record high of $5.19 on November 3.

MNW/USD 1-day chart. Source: TradingView

One of the functions included in the new smart contract is that when the terms and conditions agreed by the parties are met, the program stored on the blockchain can be automatically executed.

This enables a new level of automation in the process and allows for instant settlement, while also eliminating third-party intermediaries that slow down the process and reduce operations.

The Morpheus team’s efforts have not been overlooked, as the project has recently received multiple awards, including the 2021 ISCEA PTAK Supply Chain Excellence Award at SCTECH2021, as well as being selected by Gulftainer, the world’s leading private port operator, as its “port’s future” The blockchain winner of the contest.

All-inclusive statement The goal of Morpheus Network is to use its global partner network to help companies and government organizations “remove barriers to optimizing and automating their global supply chain operations.”

Although blockchain technology may not be able to solve all the problems that currently plague the global supply chain system, contributions from projects such as OriginTrail, VeChain, and Morpheus Network are expected to help simplify and streamline processes over time, while reducing middlemen and enabling the industry to grow More environmentally friendly and sustainable.

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