Top Blockchain Technology In Logistics & Supply Chain – Morpheus.Network
World economy relies on a fast, efficient, and often complex global supply chain. However, the existing supply chain has major inefficiencies. The supply chain is amongst the major problems to solve in order to boost the global economy.
Morpheus.Network comes in with the technology which offers to make the global supply chain way more efficient.
It is a SaaS middleware and decentralized platform that uses blockchain in supply chain and uses other emerging technologies like IoT, AI and ML to streamline supply chain management. Further, it also uses blockchain technology for logistics to provide greater visibility in the supply chain cycle.
What does Morpheus.Network offer?
The core features of Morpheus.Network are:
- Tracking and tracing of goods;
- Providing supply chain visibility (knowing where the inventory is at a given time);
- Digitization and automation of legal, customs, and other documents;
- Automating manual processes and workflows;
- Creating ‘Digital Footprints’ to provide an append-only record of events.
The platform was launched in 2017 by a global team based in Canada, Taiwan, and India. Morphues.Network has everything to disrupt the global supply chain – it is a feature-rich platform backed by a skilled team, has integrations with corporates like FedEx, DHL, Oracle, etc., and much more. There were also rumours that its clients are Coca-Cola and Sobeys.
Let’s dive deep into Morpheus.Network to understand how it is using blockchain in the supply chain.
What Problem Does Morpheus.Network Solve?
You order a product from an overseas online store and within a few days, it reaches your door. For this, all the parties involved – the seller, shipping companies, customs brokers, border protection agencies, last-mile delivery service; everyone needs to interact in a seamless manner. Unfortunately, this process is full of friction.
The companies involved in the global shipping industry have to manage tons of emails, chat transcripts, the status of goods, etc. This problematic and analog process is prone to errors and tampering causing millions of euros in losses each day.
Here comes in Morpheus.Network!
Morpheus.Network uses blockchain in the supply chain to provide product complete visibility and traceability in a secure, transparent, reliable and cost-effective way. Storage and retrieval of international customs and shipping documents have never been this easier. With the integration of blockchain technology for logistics, companies can keep track of the shipment by a simple QR code scan.
Wait, there’s more to Morpheus.Network than streamlining the supply chain documentation. The Morpheus ecosystem covers all three layers of the supply chain – physical, documentation and payment.
Let’s discuss this revolutionary platform in detail.
Morpheus.Network – Decentralizing The Global Supply Chain
In simple words, Morpheus.Network is a blockchain-based supply SaaS (software as a service) platform that automates the supply chain process. The platform is built on the Ethereum blockchain, however, it is interoperable with other blockchains like Hyperledger and EOS.
For this, they employ emerging technologies like the Internet of Things (IoT), Radio-frequency Identification (RFID), Blockchain Smart Contracts, Artificial Intelligence and Machine Learning (AI/ML) among others. Apart from this Morpehues.Network has integrations with over 100 industry-leading technologies and service providers including DHL, FedEx, Swift, Ripple, UPS, Microsoft Dynamics, Oracle, Salesforce, AccessPay, Stellar, ChainLink, China Post, to name a few. These integrations further enhance their technological capabilities.
So far, Morpheus.Network has served several industries ranging from the supply of healthcare equipment to cross-border food supply.
Here are two examples:
1. In the pharmaceutical industry, the Morpheus platform provides a tracking solution by deploying IoT devices across the entire supply chain. This helps in real-time tracking of location, temperature, humidity, and damages.
2. In international fresh meat trade, Morpheus.Network seamlessly digitizes all the compliance and local regulation documents while also integrating datasets within the supply chain for quality control and fraud detection.
How Does It Work?
Morpheus.Network uses smart contracts to perform most of its functions. Smart contracts are lines of code that perform certain functions once the predefined conditions are met. These contracts are programmed with predetermined automated work contracts.
When this is coupled with other technology like IoT, AI, and ML further streamlines the complex supply chain. For example, you can deploy a smart contract to simultaneously update everyone of the inventory location based on the data received from IoT sensors.
Talking about access to documents in the supply chain, Morpheus.Network uses a private network of InterPlanetary File System (IPFS) document storage nodes (computers) on the Ethereum blockchain. This ensures that the parties involved can retrieve updated, verified, and tamper-free shipment data. As the documents are stored on a blockchain, the data is not at the mercy of a central authority’s security measures waiting to be hacked or exploited.
Moreover, to leverage blockchain’s decentralized advantages the company uses public, and permissioned blockchains as well as sidechains. The company has its native cryptocurrency – MRPH token which is used to pay for transactions on the platform. Thanks to their integration with the SWIFT Payments Hub, Morpheus.Network supports international payments to over 1600 banks worldwide.
1. Seamless Automation
AS discussed, Morpheus.Network uses smart contracts to automate the supply chain. Automated workflows, shipping, and customs documentation, and fast international payments to over 1600 banks worldwide, all are driven by smart contracts.
2. Multi Payment Window
With Morpheus.Network, companies can send or receive payments in any currency or cryptocurrency in over 200 countries globally.
Morpehus.Network is blockchain-agnostic, meaning the platform supports different blockchain infrastructures such as Ethereum, Hyperledger and EOS.
The platform has stringent security standards for platform security. Plus, Morpheus.Network is secured by HackenProof, a decentralized bug bounty platform that connects the Morpheus ecosystem with thousands of highly skilled security experts.
5. Technology from both worlds
Morphues.Network is not limited to the blockchain universe. It also employs other integrations like tracking technology from FedEx, payment settlement by Ripple, etc.
Morpheus token (MRPH) is an ERC-20 token native to the Morpheus.Network platform. This cryptocurrency is the fuel of the platform. It is used to power Ethereum-based smart contracts. Plus, MRPH tokens can also be used to pay for transactions on the platform.
As of this writing, MRPH token has a market capitalization of over $60.000.000, according to CoinGecko data. You can buy MRPH tokens from exchanges like Uniswap or other.
The Bottom Line
Morpheus.Network has transformed the global supply chain and is consistently upgrading their technology to serve the world better. Recently, they announced their Software Development Kit (SDK) allowing third-party developers to build modules on the platform.
Morpheus.Network has clients across the globe which potentially includes Coca-Cola and Sobeys. Also, national governments like Argentina have mandated the use of the Morpheus platform for the Agribusiness industry.
To sum up, considering the constant improvements to their platform and integrations with industry-leading services, Morpheus.Network can soon become the role model for the global supply chain management.