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Bloomberg reports a simple supply chain can have 100 people and 200 transactions, with the container spending 34 days in transit and 10 days wasted in document processing alone.
Today, supply chain networks worldwide operate on siloed information centers and complex processes with limited visibility and high operating costs. Consider this: 1/3rd of the firms don't know how their suppliers perform. 33% of all supply chains fail to manage risk, and 37% acknowledge no formal risk-monitoring practices.
Logistics Bureau reports companies with global supply chains can be standing on a cost base of which 90% is caused by supply chain expenditure!
The breakdown of global and local supply chain networks during the pandemic was the biggest lesson for world leaders to digitize their supply chain networks. Blockchain lies at the base of this digitization.
US President Joe Biden recently announced 30 new measures on supply chain resilience concerning freight logistics optimization, supply chain resilience, data sharing, international cooperation, and climate impact monitoring.
POTUS's supply chain agendas mirror the exact initiatives blockchain middleware solutions like Morpheus.Network have been working on since 2017.
Dan Weinberger, CEO and co-founder, rightly says, "If you fix the supply chain, you fix the world!" Supply chain management (SCM) is one of the top use cases of blockchain. Multiple blockchain solutions are helping supply chains become sustainable and compliant via standardized, interoperable procedures, verifiable ownership, and real-time data sharing.
Resilient and robust supply chains are critical to a nation's economy and security. Blockchain middleware solutions will be central to this ongoing supply chain revamp in the US and elsewhere worldwide. Blockchain can be the global infrastructure to base the digital twins of supply chains.
Blockchain middleware solutions bridge disparate supply chain networks to facilitate seamless data exchange for enhanced end-to-end traceability, fast, efficient, and verifiable delivery of goods, improved coordination between stakeholders, and much more.
By 2028, the market for blockchain-powered SCM will surpass $3153 million at a CAGR of 51.3%. The trendsetters in the space – Morpheus.Network, Chainlink, VeChain, and Origin Trail provide next-gen supply chain solutions.
Chainlink's cross-chain interoperability protocol (CCIP) provides universal interoperability standards for seamless data transfer and value transfer. Besides, it supports on-chain finance and document digitization.
Its partnership with Vodafone DAB to automate supply chains, making them verifiable, transparent, and efficient. It has partnered with 30 entities – from decentralized startups like Brave New Coin and BZx to major companies like Bodhi and The Accord Project.
VeChain is a public blockchain that addresses the current supply chain problems related to governance and economic models. Its coveted clientele includes names like H&M, Sarah Regensburger, Shanghai Gas, Cointelegraph Consulting, BMW Group, Groupe Renault, etc.
Origin Trail provides trusted infrastructure for businesses and governments to share supply chain data using its knowledge assets. It has synergized supply chains and partnered with BSI, Polkadot, Walmart, Parity, Scan, etc.
Morpheus.Network stands apart from the rest of the pack for its formidable capabilities to integrate blockchain efficiencies without disrupting legacy systems. It is backed by a solid team of leading industry experts and professionals and a consistent growth over the years.
It is both blockchain-agnostic and cloud-agnostic. The smart contract-based platform is helping clients maximize their revenue through supply chain digitization and process automation, data protection, and real-time analytics, adding efficiencies to legacy supply chain systems. It has been actively providing services across supply chain domains, such as freight logistics optimization, climate impact monitoring, documentation, etc.
Morpheus.Network has been active on the SCM scene since 2017. It has collaborated with over 150 notable names, including Coca-Cola, SAP, DHL, Fedex, Cargowise, Google, Telefonica, Marsh, and Swift. Morpheus.Network also brings utility via its 100+ integrations with technology partners such as FedEx, Oracle, Salesforce, etc. The platform has also worked with Microsoft for its Startup Founders Hub program.
Morpheus.Network draws several parallels with the objectives of POTUS's supply chain initiatives and its coterie of solutions. The network stands firm in providing shared infrastructure and streamlining workflows, regardless of network size.
World Bank has identified supply chain inefficiencies as the number one world problem hampering economic growth. As the supply chains become more connected and complex than ever, it is through leveraging blockchain that governments and businesses can achieve growth, efficiency, and visibility in their supply chains.
Blockchain solutions like Morpheus.Network will be the lifeblood of global trade and finance, solving supply chain inefficiencies via integrating emerging tech like AI, ML, RFID, IoT, etc. Backed by real-world adoption and utility-driven growth, these platforms would drive momentum across sectors and verticals for governments, institutions, and enterprises. It's only a matter of time; the transformation is already underway.
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