3 blockchain protocols take the supply chain crisis head-on – News Couple
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3 blockchain protocols take the supply chain crisis head-on


The world of blockchain technology has undergone a major transformation over the past decade as the concept has evolved from offering a simple medium of exchange between two parties to a sprawling ecosystem filled with protocols with real-world applications ranging from decentralized finance to one-of-a-kind. Digital art type.

One of the market segments that has been gaining traction in recent times while the global just-in-time delivery system has come under tremendous pressure is the supply chain and logistics suite of projects that provide blockchain-based solutions to the global supply chain ecosystem.

While it is true that the current problems facing global suppliers, shippers, truck drivers and companies are multifaceted and include issues such as worker wages and benefits, the integration of blockchain technology provides a significant upgrade to the existing system, which often relies on tracking physical paperwork between isolated parts of the multinational network. .

Here is a look at some of the best blockchain protocols focused on supply chain and logistics and how they contribute to solving current challenges facing the global system.

OriginTrail

OriginTrail is a protocol focused on providing logistical support and enterprise solutions to the global community by transforming the existing siled information ecosystem on Web 2.0 into an integrated “knowledge graph” on Web 3.0.

In an effort to better communicate its goals to a wider audience, OriginTrail underwent a rebranding on October 1st to become the “world’s first decentralized knowledge graph,” which is designed to “organize the most important human assets, making them discoverable, verifiable, and valuable.”

As part of the network’s effort to be able to track assets of all types across all networks, OriginTrail has adopted a multi-chain approach to facilitate interoperability and is currently running on Ethereum, xDai, and Polygon, and is in the process of integrating with Dripper.

The long-term goals of the protocol include expanding beyond the physical supply chain in order to enable the regulation, discovery and verification of all kinds of items, including art, diplomas, certificates, non-perishable tokens and decentralized finance assets.

Recently, the project received a seal of approval of sorts, as its TRAC token was listed on Coinbase, the largest US-based cryptocurrency exchange, helping boost its value to a new record high of $3.87.

TRAC/USD 1 day chart. Source: TradingView

As supply chain struggles continue, protocols like OriginTrail have the potential to help simplify the process while providing all parties along the chain with up-to-date data on port backlogs and other relevant information that can help them make an informed decision on the best way to route their payload.

Vechin

VeChain is a dual-token blockchain-powered 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, which includes more authoritative masternode operators whose identities have been verified by the VeChain Foundation, helps maintain overall network security and ensures that the protocol operates in accordance with enterprise governance policy.

VeChain recently announced that PoA 2.0 will be released on its test network on November 5th and is scheduled to go live on the mainnet on November 16th.

According to the team, PoA 2.0 combines the Byzantine and Nakamoto error compatibility mechanisms to deliver a more secure system as well as improvements to the randomization process that selects the next block producer and the inclusion of a panel feature that randomly selects three block producers in order to verify a block.

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

The two organizations recently met with heads of state in San Marino to present findings and reaffirm their commitment to helping the country manage its transition from a linear to a circular economy by integrating blockchain applications.

VeChain has also been recognized by the Government of China for its development in food traceability and the application of blockchain technology in industrial agriculture and rural development.

Related: EU central banks are working to settle DLT-based assets

Morpheus Network

Morpheus Network is a supply chain middleware platform designed to integrate with legacy supply chain technology and emerging technologies, including blockchain, IoT, and RFID in order to provide supply chain managers with a digital fingerprint of the items they track in a safe and secure environment.

The protocol recently underwent a trademark and token swap from the old MRPH token to the new MNW token in an effort to improve the token’s smart contract capabilities and increase its security and efficiency. After the token swap was announced on October 19, the price of MNW surged to a new record high of $5.19 on November 3.

MNW/USD 1 day chart. Source: TradingView

One of the features included in the new smart contract is the ability of software stored on the blockchain to automatically execute when the terms and conditions agreed upon by the parties involved are met.

This enables a new level of automation of the process and allows for instant settlement while also eliminating third-party intermediaries who slow down the process and take part of the action.

The efforts of the team at Morpheus have not gone unnoticed, as the project has recently received several awards including the 2021 ISCEA PTAK Award for Supply Chain Excellence in SCTECH2021, as well as being selected by Gulftainer, a leading privately owned global port operator, As the Blockchain Winner of the “Future of Ports” competition.

The overarching stated goal of the Morpheus Network is to leverage its global network of partners to help businesses and government organizations “remove barriers to improving and automating global supply chain operations.”

While blockchain technology may not be able to solve all the problems currently plaguing the global supply chain system, contributions from projects such as OriginTrail, VeChain and Morpheus Network promise to help streamline and streamline the process over time while eliminating middlemen and making the industry more green. and sustainability.

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