3 Blockchain Protocols That Solve Supply Chain Problems Directly
The world of blockchain technology has seen many significant changes over the past decade. The concept evolved from providing a simple medium for exchange between two parties to a vast ecosystem of protocols that powers a variety of real world applications, from decentralized finance to digital innovation.
With the global fast delivery system under great pressure, one area of the market that has so far drawn attention is the supply chain and logistics team of projects offering blockchain-based solutions to the global supply chain ecosystem.
While it is true that the current problems faced by global suppliers, freight forwarders, freight forwarders and corporations are as diverse as workers’ wages and benefits, the integration of blockchain technology greatly improves current systems between parts of a multinational network.
Here are some of the top blockchain protocols with a focus on logistics and supply chain and how they contribute to the current challenges facing the global system.
OriginTrail is a protocol focused on delivering logistics support and business solutions to the global community by transforming the existing hidden information ecosystem on Web 2.0 into an integrated “knowledge graph” on the Web. Web 3.0.
To better convey its goals to the masses, OriginTrail was renamed on October 1st to become “the world’s first decentralized knowledge graph,” designed to “organize” the most important assets of humankind to ensure that it is discovered reviewed and assessed. “.
In order 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. At the same time, the platform is also in the process of being integrated with Polkadot.
The protocol sets long-term goals, such as: B. Go beyond the physical supply chain to organize, discover and verify all types including works of art, diplomas, certificates, NFTs and DeFi assets.
Most recently, the project took a new step in adoption when its TRAC token was listed on Coinbase, the leading exchange in the United States, propelling the price to a new record high of $ 3.87.
Price table TRAC 4 hours | The source: TradingView
As problems continue to arise in the supply chain, protocols like OriginTrail have the potential to simplify the process while providing all parties in the chain with up-to-date data on port backlogs. Other relevant information can help them make more informed decisions about the best way to ship their goods.
VeChain is a blockchain platform designed to improve supply chain management, has two tokens, uses Internet of Things (IoT) technology and distributed governance to solve problems.
Price table VET 4 hours | The source: TradingView
The network’s Proof-of-Authority (PoA) mechanism combines masternode operators with greater authority with identities verified by the VeChain Foundation, helping to maintain overall network security and ensuring that the protocol runs according to Foundation guidelines.
VeChain recently announced that PoA 2.0 will be released on November 6th in the Testnet (Testnet) and will go live on November 16th in the Mainnet (Mainnet).
According to the team, PoA 2.0 combines Byzantine Fault Tolerance and Nakamoto Consensus Mechanisms to provide a more secure system as well as improvements to the random process for selecting the next block producer and includes features that the committee randomly selects three block producers to review a block.
The VeChain protocol works closely with DNV, a globally recognized expert in security and risk management, on its overall strategy for integrating blockchain technology into the global supply chain.
The two organizations recently met with the leaders of San Marino to present their findings and reaffirm their commitment to helping the country manage its transition from a linear to a circular economy through the integration of blockchain applications.
VeChain was also recognized by the Chinese government for its developments in food traceability and the application of blockchain to technologies in agriculture and rural development.
Morpheus Network is a supply chain software-as-a-service mediation platform designed to integrate legacy supply chain technology and new technologies such as blockchain, IoT and RFID to support the supply chain management of the Provide digital information about the items you are tracking in a safe and secure environment.
The protocol was recently renamed and tokens were exchanged from the old MRPH to the new MNW to improve the token’s smart contract functions and increase its security and efficiency. Following the announcement of the token swap on October 19, the price of MNW rose to a new record high of $ 5.19 on November 3.
Price table MNW 1 day | The source: TradingView
One of the functions of the new smart contract are programs stored on the blockchain that are automatically executed when the conditions agreed by the stakeholders are met.
This enables a new level of automation of the process and an immediate resolution, while eliminating third-party intermediaries who slow down the process and reduce action.
The efforts of the Morpheus team have prevailed, as the project recently received several awards, such as the ISCEA PTAK Award 2021 for Supply Chain Excellence at SCTECH2021 as well as recognition by the world’s leading private port operator competition “Future of Ports”.
The overall goal of Morpheus Network, through its global network of partners, is to help corporations and government organizations “remove barriers to optimizing and automating their global supply chain operations”.
While blockchain technology cannot solve all of the problems currently plaguing the global supply chain system, contributions from projects like OriginTrail, VeChain, and Morpheus Network promise to simplify things and streamline processes over time, while eliminating middlemen and making a more sustainable one , more environmentally friendly industry.
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