Altcoin Roundup: 3 blockchain protocols taking the supply chain crisis head-on

Blockchain technology has seen a dramatic transformation in the last decade. It was once a simple way to exchange information between two parties, but it is now a vast ecosystem that includes protocols with real-world applications. These include decentralized finance and one-of-a kind digital art.

The supply chain and logistics sector, which offers blockchain-based solutions to the global supply chain ecosystem, is one of the fastest growing segments of the market.

Although it is true that global suppliers, shippers and truckers face many problems, including issues like worker pay and benefits and the need to address these issues, blockchain technology integration offers an important upgrade to the existing system. This system often relies on physical paperwork tracking between different parts of the multi-national network.

Let’s take a look at the most important blockchain protocols that focus on supply chain and logistics and see how they can help solve the challenges currently facing the global system.

OriginTrail

OriginTrail is a protocol that offers logistical support and enterprise solutions for the global community. It transforms the existing ecosystem of siloed Web 2.0 information into an integrated “knowledge network” on Web 3.0.

OriginTrail was rebranded on October 1 in an effort to better communicate its goals to the public. It is now the “world’s premier decentralized knowledge graph” and was created to “organize the most important human assets, making them discoverable. Verifiable. And valuable.”

OriginTrail is working to make it possible to track all assets across all networks. It has adopted a multichain approach to interoperability. At the moment, OriginTrail is running on xDai, Polygon and Ethereum. Polkadot is also in the process.

The protocol’s long-term goals include expanding beyond the physical supply chain to allow for the organization, discovery, and verification of all kinds of items including diplomas, certificates and nonfungible tokens.

Recently, the project received a stamp of approval when its TRAC token was listed by Coinbase, the leading cryptocurrency exchange in the United States. This helped to boost its value up to $3.87, a record.

TRAC/USD 1-day chart. Source: TradingView

OriginTrail protocols have the potential to streamline supply chain problems. They also provide up-to-date information on port backlogs, and other relevant information to enable all involved to make informed decisions about the best route for their cargo.

VeChain

VeChain, a blockchain-powered supply-chain platform powered by two-tokens, uses Internet of Things technology and distributed governance in order to address issues related to supply chain management.

VET/USD 1-day chart. TradingView

The proof-of-authority mechanism (PoA), which includes larger authority masternode operators whose identities have been verified by VeChain Foundation helps maintain network security and ensure protocol follows the Foundation’s governance policy.

VeChain has just announced that PoA 2.0 will go live on its mainnet on November 16th.

The team claims that PoA 2.0 combines Nakamoto consensus and Byzantine Fault Tolerance to provide a safer system. They also claim that PoA 2.0 has improved the randomness of selecting the next block producer, and that a committee feature randomly selects three block producers in order to verify a block.

As part of the overall strategy to integrate Blockchain technology into the global supply chain, VeChain works closely with DNV.

These two organizations met recently with heads of state in San Marino, to share results and confirm their commitment to help the country transition from a linear economy to one that is circular through the integration blockchain applications.

VeChain was also recognized by the Chinese government for its innovations in food traceability, and use of blockchain technology in rural development.

Similar: EU central bank working on DLT-based asset Settlement

Morpheus Network

The Morpheus Network is a supply chain software-as-a-service middleware platform that is 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 footprint for the items they are tracking in a safe and secure environment.

In an effort to increase the smart contract capabilities and efficiency of the token, the protocol underwent a rebranding and token swap from the old MRPH token. MNW’s price soared to $5.19 on November 3rd after the announcement of the token exchange on Oct. 19.

Chart for MNW/USD 1 day. Source: TradingView

The new smart contract includes the ability to store programs on the blockchain and execute them automatically when the terms are met.

This allows for instantaneous settlement and eliminates third-party intermediaries who slow down the process or take a cut.

The team at Morpheus has made great efforts to win numerous awards, including the 2021 ISCEA-PTAK Award for Supply Chain Excellence at SCTECH2021, and being selected by Gulftainer as the winner of the “Future of Ports” competition by a prominent privately held global port operator.

Morpheus Network’s overarching goal is to use its global network to assist companies and government agencies in “removing barriers to optimize and automate global supply chain operations.”

Blockchain technology may not be able to resolve all of the problems currently plaguing global supply chains, but contributions from projects such as OriginTrail, VeChain, and Morpheus Network promise to help simplify and streamline the process, while removing intermediaries and making it more sustainable and environmentally friendly.

You would like to learn more about investing and trading in the crypto markets?

OriginTrail’s supply chain woes and Web 3.0’s growth back OriginTrail’s new ATHSan Marino approves VeChain eNFT vaccine certificate that can be verified worldwidePrivate, public, and consortium blockchains: The differences explainedVeChain Thor’s mainnet reaches 10,000,000 blocks milestone without any downtime. You should do your research before making any investment or trading decision.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami