Blockchain technology has had a rocky start in the logistics industry, with Danish logistics firm Maersk terminating its blockchain-based supply chain platform last year. However, Hong Kong-based Global Shipping Business Network (GSBN) has not given up on blockchain applications in global trade. In fact, the nonprofit consortium sees blockchain as a crucial logistics tool in the long term.
GSBN currently operates one of the world’s largest platforms that can be described as an alternative to Maersk’s TradeLens tool, according to a report by the South China Morning Post. The platform is based on a permissioned blockchain with strong data governance, allowing only authorized parties to contribute and consume shipping-related data.
Since launching its blockchain-based shipping platform in 2021, GSBN has tapped major shipping partners like Cosco, Orient Overseas Container Line, and Hapag-Lloyd. In addition, the organization has also reached partnerships with terminal operators such as Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports. Among the members, only German Hapag-Lloyd and Singaporean PSA International are not based in mainland China or Hong Kong.
Despite past failures of major industry firms like Maersk in implementing similar projects, GSBN CEO Bertrand Chen is confident that blockchain technology has yet to fully catch on and its adoption may take another decade. However, with the world’s largest shipping companies on board, the potential of blockchain in logistics seems promising.
The use of blockchain technology in the logistics industry has been a topic of discussion for several years. It is seen as a tool that can increase transparency and efficiency, as well as reduce fraud and errors. However, the adoption of blockchain has been slow due to concerns about security, scalability, and interoperability.
GSBN’s permissioned blockchain platform addresses some of these concerns. With strong data governance, it allows only authorized parties to access data, reducing the risk of data breaches. In addition, by bringing together major shipping partners and terminal operators, the platform aims to increase efficiency and reduce the time and costs associated with shipping.
While Maersk’s failed blockchain platform may have dampened enthusiasm for blockchain in logistics, GSBN’s platform shows that there is still potential for blockchain in the industry. As the platform gains more traction and more companies adopt blockchain technology, the logistics industry may see a shift towards more transparent and efficient supply chain management.
Trezor, a popular hardware wallet manufacturer, has announced that it will produce its own chip wrapper, a key component of its Trezor Model T wallet, to optimize production and reduce lead times in the supply chain. By bringing chip manufacturing in-house, Trezor can be more agile and adaptable to market conditions, reducing its reliance on third-party suppliers and eliminating shipping delays caused by component supply and demand.
The move is a significant one for Trezor, as it allows the company to take greater control over the supply chain and respond quickly to factors like geopolitical disruption and labor shortages caused by the COVID-19 pandemic. Previously, the company was exposed to third-party supply vulnerabilities due to factors like these, which could result in delays in shipping finished products and cause consumers to be exposed to price fluctuations based on component supply and demand.
The move to in-house chip manufacturing also provides Trezor with more design freedom for future products, allowing the wallet provider to build the hardware wallet devices from scratch. Additionally, the move will enable Trezor to respond quickly to market conditions and meet the growing demand for its products.
The decision to produce its own chip wrapper comes a year after Tropic Square, a startup operated by Trezor’s parent firm Satoshi Labs, launched a new open-source chip called TROPIC01, which provides cryptographic key generation, encryption, signing, and authentication for users. Trezor is expected to become the first customer of Tropic Square for the product, which provides a unique business model that can be applied in exceptional cases.
According to Štěpán Uherik, Trezor’s Chief Financial Officer, the company has collaborated with its partner STMicroelectronics to identify areas where they can take control and make the manufacturing process as agile as possible. By unpacking the process, Trezor has managed to optimize the production of its wallets and meet the growing demand for its products.
Trezor’s decision to produce its own chip wrapper is a strategic move that has significant implications for the hardware wallet industry. It allows companies to have greater control over their supply chain, respond quickly to market conditions, and meet the growing demand for hardware wallets.
In conclusion, by producing its own chip wrapper, Trezor is accelerating hardware wallet production and ensuring that it can meet the demand for its products. The move provides greater control over the supply chain, reduces lead times, and eliminates shipping delays caused by component supply and demand. It also provides more design freedom for future products and allows Trezor to respond quickly to market conditions. Overall, it’s a strategic move that positions Trezor as a leader in the hardware wallet industry.
Supply chain SaaS platform Morpheus.Network has announced its integration with Polygon, a decentralized Ethereum scaling network to simplify supply chain operations.
The partnership aims to use Polygon’s blockchain technology to integrate global supply chain companies in a bid to digitize, optimize and automate operations, bridging the gap between different operating systems, networks, and entities.
Polygon occupies a very pivotal position in the Ethereum and Web3.0 ecosystems. With the development of globalization, the global supply chain can be seen from the aspects of global trade, foreign outsourcing, cross-border mergers and acquisitions, and so on.
Dan Weinberg, CEO of Morpheus.Network said;
“Our integration between Morpheus.Network and Polygon is an exciting one, and we are excited to see what the future holds as the adoption of blockchain technologies rises. The flexibility and efficiency of our blockchain technology’s middleware platform make it a standout in its industry, and it is clear that Morpheus. Network is here to stay for many years to come.”
Morpheus.Network leverages technologies such as IoT and blockchain to help clients maximize revenue through digitization and process automation, protect sensitive data, and solve complex problems with legacy supply chain systems while providing effective, fair, and efficient global trade solutions.
Polygon provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake network to solve the pain points of slow block confirmation and high gas fees. In the past years, the supply chain industry has benefitted from the transparency blockchain offers and with the Morpheus.Network and Polygon integration, it shows the adoption is becoming more mainstream than ever.
The increasing adoption of product traceability for enhanced transparency in manufacturing processes and the urge for optimized security will make blockchain in the supply chain market surpass $14.88 billion by 2028, according to a report by Research Dive.
The study noted that the compound annual growth rate (CAGR) would be 57.4% during the forecast period between 2021 and 2028.
The deployment of blockchain technology in e-commerce websites has spurred growth. It is expected to revamp the supply chain market in the coming years by rendering product traceability, quality control, and transparency in manufacturing processes.
The pandemic has made e-commerce websites increase, and this has been made a reality by technologies like machine learning (ML) and artificial intelligence (AI).
Per the report:
“By application, the product traceability sub-segment of the blockchain in supply chain market is anticipated to be the fastest-growing and reach $3.38 billion by 2028.”
The study noted that significant opportunities are availed by the need for automated, efficient, and transparent supply chains, and blockchain technology is expected to fill this void.
The Asia-Pacific area is anticipated to be the fastest-growing region by amassing revenue worth $4.063 billion. The study acknowledged:
“Increasing technological advancements and growing adoption of blockchain technology by leading organizations of this region to make supply chains more robust have been the main factors behind the growth of blockchain in supply chain market in the Asia-Pacific region.”
According to the report, some of the prominent market players of the blockchain in the supply chain market include Oracle, Microsoft, Huawei, TIBCO Software, AWS, Huawei, and IBM.
Nevertheless, the research pointed out that the lack of awareness about blockchain technology might be a stumbling block in the speculated growth.
Meanwhile, the global blockchain technology market is anticipated to reach $19.9 billion by 2026 from the current $3.4 billion value, according to market research publisher Global Industry Analysts Inc.
The global supply chain has become an area of intense focus over the past couple of years and pressures from the pandemic and backlogged ports have led to a massive range of shortages for everyday items.
One protocol that is focusing on optimizing supply chain management and building strength based on data from Cointelegraph Markets Pro is Morpheus.Network (MNW), a supply chain software-as-a-service middleware provider designed to integrate legacy systems with emerging technologies.
VORTECS™ scoreboard leaders. Source:Cointelegraph Markets Pro
According to data from Cointelegraph Markets Pro, market conditions for MNW have been favorable for some time.
The VORTECS™ Score, which is exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points. These include market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. MNW price. Source:Cointelegraph Markets Pro
As shown in the chart above, the VORTECS™ Score for MNW has been elevated in the green zone for the majority of the past week and registered a high of 91 on Jan. 15 as its price began to trend higher with a 26% spike to $1.75.
Here’s a look at three factors backing the building momentum for MNW.
Morepheus upgrades its smart contract
One of the biggest factors affecting the price and momentum for MNW over the past few months have been the smart contract upgrades and token swap processes that were initiated on Oct. 19, 2021.
The https://t.co/VDc7slHmXR MNW Token Is Here! The Swap Has Now Begun!$MRPH -> $MNWhttps://t.co/C7XO9j67cT
— Morpheus.Network (@MNWSupplyChain) October 19, 2021
In the process of upgrading to new enterprise smart contracts for increased security and higher levels of efficiency, a token swap was conducted from the old MRPH token to the new MNW token on a 1:1 basis.
With the new smart contracts in place, programs stored on the blockchain are now able to execute automatically under certain terms or conditions that have been agreed upon by the parties involved, similar to real-world contracts.
These upgrades bring a new level of automation by enabling instantaneous outcomes while also reducing the need for third-party intermediaries.
Introduction of masternodes
Masternodes being integrated into the protocol’s structure was the second development responsible for the bullish outlook of the Morpheus.Network. This led to a more decentralized network while also giving members of the community a chance to contribute to the ecosystem in exchange for rewards.
— Morpheus.Network (@MNWSupplyChain) December 22, 2021
The roll-out of masternodes is set to take place during the year-long token swap period that ends on Oct. 19, 2022. The Alpha and Beta testing programs will offer MNW token holders an 18% APR based on the number of tokens they have staked.
The smallest node available to operate requires 1,800 MNW to be locked up. The largest node operators require a commitment of 360,000 MNW in order to validate transactions.
The Morpheus.Network set aside 1.2 MNW in rewards for the alpha and beta testing programs. 12.5% of the funds will go to alpha nodes while the remaining 87.5% will be distributed to beta nodes over the course of 2022.
Related:Altcoin Roundup: Three blockchain protocols taking the supply chain crisis head-on
Investors turn bullish on new partnerships
A third factor that has led to the rising VORTECS™ Score and positive outlook for MNW has been a growing ecosystem of partnerships as well as the growing recognition from the wider supply chain community of what the protocol has accomplished.
In October 2021, Morpheus.Network was chosen to receive the 2021 ISCEA PTAK Award for Supply Chain Excellence at the SCTECH2021 conference. It was also named as a 2021 Enterprise Blockchain Awards finalist.
https://t.co/VDc7slHmXR is a 2021 Enterprise Blockchain Awards finalist! Winners will be announced Tuesday Nov 16 2021 starting at 7PM Eastern, show us your support by registering for the event: https://t.co/3jAmCmKFuG #Blockchain #EBA2021 @blockchainRI $MNW
— Morpheus.Network (@MNWSupplyChain) November 16, 2021
Regarding partnerships, Morpheus.Network has joined forces with the Geometric Energy Corporation and Space-X to contribute to the DOGE-1 mission to the moon. This will allow the protocol to explore new ways to optimize the space supply chain.
More recently, Morpheus.Network also partnered with VIDT Datalink to help bring more transparency and security to the world’s supply chains.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The world of blockchain technology has undergone a significant transformation over the past decade as the concept evolved from offering a simple means of exchange between two parties to a sprawling ecosystem full of protocols with real-world applications ranging from decentralized finance to one-of-a-kind digital art.
One sector of the market that has been gaining traction as of late while the global just-in-time delivery system has fallen under immense pressure is the supply chain and logistics group of projects that offer blockchain-based solutions for the global supply chain ecosystem.
While it’s true that the current problems facing global suppliers, shippers, truckers and businesses are multifaceted and include issues such as worker pay and benefits, the integration of blockchain technology offers a substantial upgrade to the current system, which often relies on tracking physical paperwork between siloed parts of the multinational network.
Here’s a look at some of the top supply chain- and logistics-focused blockchain protocols and how they are contributing toward solving the current challenges facing the global system.
OriginTrail
OriginTrail is a protocol focused on offering logistical support and enterprise solutions to the global community by transforming the current ecosystem of siloed information on Web 2.0 into an integrated “knowledge graph” on Web 3.0.
In an effort to better convey its goals to the wider public, OriginTrail underwent a rebrand on Oct. 1 to become the “world’s first decentralized knowledge graph,” which is designed to “organize humanity’s most important assets, making them 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 adopted a multi-chain approach to facilitate interoperability and is currently running on Ethereum, xDai and Polygon, and it is in the process of integrating with Polkadot.
The long-term goals of the protocol include expansion beyond the physical supply chain in order to make it possible to organize, discover and verify all manner of items, including art, diplomas, certificates, nonfungible tokens and decentralized finance assets.
Most recently, the project got a stamp of approval of sorts, as its TRAC token was listed on Coinbase, the top United States-based cryptocurrency exchange, which helped boost its value to a new record high at $3.87.
TRAC/USD 1-day chart. Source: TradingView
As supply chain struggles continue, protocols like OriginTrail have the potential to help streamline the process while also providing all parties along the chain with up-to-date data on port backlogs and other pertinent information that can help them make a better-informed decision on the best way to route their cargo.
VeChain
VeChain is a dual-token blockchain-powered supply chain platform that utilizes Internet of Things (IoT) technology and distributed governance to solve issues with supply chain management.
VET/USD 1-day chart. Source: TradingView
The network’s proof-of-authority (PoA) mechanism, which incorporates larger authority masternode operators whose identities are verified by the VeChain Foundation, helps to maintain the overall network security and ensure the protocol runs according to the Foundations governance policy.
VeChain recently announced that PoA 2.0 will be released on its testnet on Nov. 5 and is scheduled to go live on the mainnet on Nov. 16.
According to the team, PoA 2.0 combines the Byzantine Fault Tolerance and Nakamoto consensus mechanisms to offer a more secure system as well as improvements to the randomness process that selects the next block producer and the inclusion of a committee feature that randomly selects three block producers to verify a block.
The VeChain protocol works closely with DNV, the 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 the heads of state in San Marino to present results and reconfirm their commitment to helping the country manage its transition from being a linear economy to a circular economy through the integration of blockchain applications.
VeChain has also been recognized by the government of China for its developments in food traceability and application of blockchain in technology in industrial agriculture and rural development.
Related:EU central banks 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.
The protocol recently underwent a rebrand and token swap from its old MRPH token to the new MNW token in an effort to improve the smart contract capabilities of the token and increase its security and level of efficiency. Following the announcement of the token swap on Oct. 19, the price of MNW rallied to a new record high of $5.19 on Nov. 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 execute automatically when the terms and conditions agreed upon by the involved parties are met.
This enables a new level of automation to the process and allows for instantaneous settlement while also eliminating third-party intermediaries that slow the process and take a cut of the action.
Efforts made by 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 at the SCTECH2021, as well as being chosen by Gulftainer, a leading privately held global port operator, as the blockchain winner of its “Future of Ports” competition.
The overarching stated goal of the Morpheus Network is to utilize its global network of partners to help companies and government organizations “remove barriers to optimize and automate their global supply chain operations.”
While blockchain technology might be unable to solve all the issues currently plaguing the global supply chain system, contributions from projects like OriginTrail, VeChain and Morpheus Network hold the promise of helping to simplify and streamline the process over time while cutting out intermediaries and making the industry more environmentally friendly and sustainable.
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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Calls for the arrival of an altseason are growing louder on Nov. 3 after the price action for altcoins is on the rise and Bitcoin (BTC) price lingers at the $62,000 support level.
At the moment, gaming tokens, supply chain-related projects and decentralized finance (DeFi) protocols are scorching hot and as shown below, many altcoins are posting double and triple-digit gains today.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were OriginTrail (TRAC), XYO Network (XYO) and Maker (MKR).
TRAC gets a boost from the “Coinbase effect”
OriginTrail is a protocol that refers to itself as “the world’s first decentralized knowledge graph” designed to help people organize important assets and make them discoverable and verifiable on a blockchain network.
According to data from Cointelegraph Markets Pro, market conditions for TRAC have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. TRAC price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for TRAC climbed into the dark green zone on Oct. 30 and reached a high of 81 around 49 hours before the price began to increase 232% over the next two days.
The sudden surge in price for TRAC comes as the token was listed on several new cryptocurrency exchanges, including Coinbase.
XYO Network surpasses 3 million nodes
The XYO protocol is a geospatial oracle network comprised of a decentralized ecosystem of devices that anonymously collect, validate and record data on the XYO blockchain.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Oct. 30, prior to the recent price rise.
VORTECS™ Score (green) vs. XYO price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for XYO climbed into the green zone on Oct. 30 and reached a high of 76 around 67 hours before the price increased 88% over the next two days.
The building momentum for XYO comes as the network surpassing the 3 million node mark on Oct. 14.
Related:Bitcoin reverses Tuesday gains, while Solana joins Ethereum in fresh all-time highs
Maker’s TVL hits a new high
Maker is the native token of the MakerDAO DeFi lending protocol which allows users to lock up assets in in order to mint DAI stablecoins.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MKR on Nov. 1, prior to the recent price rise.
VORTECS™ Score (green) vs. MKR price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for MKR turned green on Nov. 1 and reached a high of 70 around three hours before the price began to increase 51.4% over the next two days.
The boost in price and momentum for MKR comes as the total value locked (TVL) on the protocol reached a record $17.98 billion according to data from DeFi Llama. This makes Maker the second-ranked DeFi protocol by TVL.
The overall cryptocurrency market cap now stands at $2.711 trillion and Bitcoin’s dominance rate is 43.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Supply chain management continues to be an important are of focus and concern for the global economy, especially with the current shipping backlog at major ports across the globe and the dwindling supply of items available on store shelves.
Interestingly, OriginTrail (TRAC), a logistics and supply-chain management-focused blockchain protocol, has been gaining traction over the past couple of months and this week the project’s TRAC token hit a new all-time high.
Data from Cointelegraph Markets Pro and TradingView show after hitting a low of $0.278 on Aug. 29, the price of TRAC has vaulted 306% to a new record high at $1.39 on Oct. 28 as its 24-hour trading volume spiked from an average of $4.66 million to $11.55 million.
TRAC/USDT 4-hour chart. Source: TradingView
Let’s take a look at what might be behind TRAC’s current rally to new highs.
Decentralized knowledge graphs
On Oct. 1 OriginTrail rebranded itself as the “world’s first decentralized knowledge graph” designed to “organize humanity’s most important assets, making them discoverable, verifiable and valuable.”
The idea behind the rebrand is to help better convey the network’s ability to take the current ecosystem of siloed information spread out across web2 and integrate it with the evolving web3.
Data capable of being stored and tracked on Origin trail includes information about physical goods as well as digital goods and assets and makes them discoverable and verifiable on its web3 capable decentralized network.
This includes physical goods such as art and farm-to-table food items as well as digital items such as nonfungible tokens (NFTs), certificates, diplomas and DeFi assets.
The project has also benefited from high-profile partnerships, including the use of OriginTrail blockchain to host the SCAN Trusted Factory solution that was developed between the Supplier Compliance Audit Network (SCAN) and BSI UK.
Related:Truly decentralized finance will be beyond siloed blockchains
Supply chain disruptions and the rise of Web3
Another reason for the recent rally is the massive struggle the global supply chain is having with shipping, offloading, tracking and delivering goods to merchants.
Since the beginning of the COVID-19 pandemic stories of item shortages have dominated the news headlines and the global supply chain has been under pressure with gaps in deliveries becoming a common occurrence.
Currently there are multi-month long backlogs at ports around the world and a microchip shortage has stalled the development cars, consumer electronics and other high use electronics.
Along with TRAC, multiple Web3 protocols have seen their native tokens establish new record highs in recent days including NEAR Protocol, Verasity and Harmony.
According to data from Cointelegraph Markets Pro, market conditions for TRAC have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. TRAC price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for TRAC began to pick up on Oct. 4 and climbed to a high of 77 around 48 hours before the price increased 180% over the next three weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
