3 blockchain protocols tackling the supply chain crisis head-on

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

One sector of the market that has gained traction in recent times as the global just-in-time delivery system has come under immense pressure is the supply chain and logistics group of projects that offer blockchain-based solutions for the market. global supply chain ecosystem.

While it is true that the current issues facing global suppliers, shippers, truckers and businesses are multifaceted and include issues such as worker compensation and benefits, the integration of blockchain technology offers a substantial upgrade of the current system, which often relies on the tracking of physical documents between siled parts of the multinational network.

Here is an overview of some of the main 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 to provide logistical support and enterprise solutions to the global community by transforming the current ecosystem of siled information on Web 2.0 into an integrated “knowledge graph” on Web 3.0.

In an effort to better convey its goals to the general public, OriginTrail underwent a rebranding on October 1 to become the “world’s first decentralized knowledge graph,” designed to “organize humanity’s most important assets, the making it discoverable, verifiable and valuable. . “

As part of the network’s efforts to be able to track assets of all types 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 s ‘integrate with Peas.

Long-term goals of the protocol include expansion beyond the physical supply chain to allow for the organization, discovery and verification of all kinds of items, including art, diplomas, certificates. , non-fungible tokens and decentralized financial assets.

More recently, the project got some sort of seal of approval, as its TRAC token was listed on Coinbase, the leading US-based cryptocurrency exchange, which helped boost its value to a new all-time high at $ 3.87.

TRAC / USD 1 day chart. Source: TradingView

As supply chain challenges continue, protocols like OriginTrail have the potential to help streamline the process while providing all parts of the chain with up-to-date port backlog data and other information. that can help them make a more informed decision on the best way to move their cargo.

VeChain

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.

1-day VET / USD chart. Source: TradingView

The network’s Proof of Authority (PoA) mechanism, which incorporates higher authority masternode operators whose identities are verified by the VeChain Foundation, helps maintain overall network security and ensure that the protocol operates in accordance with the Foundation’s governance policy.

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

According to the team, PoA 2.0 combines Byzantine and Nakamoto fault tolerance consensus mechanisms to deliver a more secure system as well as improvements to the random process that selects the next block producer and the inclusion of a committee that randomly selects three block producers to check a block.

The VeChain protocol works closely with DNV, the globally recognized expert in insurance and risk management, as part of its overall 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 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 in industrial agriculture and rural development technology.

Related: EU central banks work on DLT-based asset settlement

Morphée Network

The Morpheus Network is a software-as-a-supply chain service middleware platform designed to integrate with existing supply chain technology and emerging technologies including blockchain, IoT and RFID, to provide supply chain managers with a digital footprint for items. they follow in a safe and secure environment.

The protocol recently underwent a rebranding and token swap from its old MRPH token to the new MNW token with the aim of improving the smart contract capabilities of the token and increasing its security and efficiency. Following the announcement of the token exchange on October 19, the price of MNW hit 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 for programs stored on the blockchain to run automatically when the terms and conditions agreed to by the parties involved are met.

This enables a new level of process automation and enables instant settlement while eliminating third-party middlemen who slow down the process and reduce action.

The efforts of the Morpheus team have not gone unnoticed, as the project recently received several awards, including the 2021 ISCEA PTAK Award for Supply Chain Excellence at SCTECH2021, as well as Gulftainer’s Choice, one of the world’s leading private port operators, as the blockchain winner of its “Future of Ports” competition.

The global declared The goal of the Morpheus Network is to use its global network of partners to help businesses and government organizations “remove barriers to optimize and automate their global supply chain operations.”

While blockchain technology may be unable to solve all of the issues currently plaguing the global supply chain system, contributions from projects like OriginTrail, VeChain and Morpheus Network promise to help simplify and streamline the process over time. of time while removing the middleman and making the industry more environmentally friendly and sustainable.

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