Supply chains give the biggest push to global trade and commerce. However, COVID-19 revealed that global supply chains lacked visibility and traceability and could not manage risks such as counterfeiting, increasing costs, etc.
69% of businesses still lack visibility on their supply chains. World Economic Forum reports that supply chain disruptions across the globe will cause a $1.5 trillion loss in 2023 alone! The problem of such a scale needs solutions of a similar scale.
In the same light, the US President announced 30 new breakthrough measures to bolster supply chain resilience, data sharing, international cooperation, and climate impact monitoring.
Blockchain-based platforms and solutions will be pivotal to achieving these objectives. 73% of the enterprise budgets will be allocated to growth and performance enhancements. Enterprise-level blockchain solutions are necessary to bridge the gaps for end-to-end traceability and exchange of value and information between stakeholders across supply chain networks globally.
The crypto market has many new emerging players leading the race in the supply chain. Our analysts picked the top 5 projects, making it big in 2024.
VeChain (VET)
Earlier purely a supply chain management solution, VeChain rebranded itself into VeChain Thor
Morpheus.Network. Its mainnet was launched in 2018. Today, developers can build dApps for more general data solutions on the chain.
Corporations like BMW, Walmart, LVMH, etc., use VeChain capabilities to track the authenticity of goods, check provenance, and prevent fraud in their supply chains.
It works on a dual-token economy model. VET facilitates voting, while VTHOR is used for executing transactions.
Morpheus.Network (MNW)
One of the leading names in the supply chain management sector since 2017 Morpheus.Network is a blockchain-based middleware solution integrating emerging tech with legacy systems. It brings traceability, automation, and transparency in supply chains.
Morpheus.Network has over 100 integrations with tech providers like FedEx, IBM, Oracle, Salesforce, etc. Its clientele includes names like Coke, DHL, Marsh, Telefonica, Gulftainer, and the governments of Argentina and Singapore. It was also a part of Microsoft for Starter’s Hub program.
MNW is the native token facilitating transactions on the platform. MNW holders can also stake the token to run masternodes and earn returns as high as 18%.
Travala (AVA)
Travala was also founded in 2017 as a crypto-native travel booking service. It is one of the few projects utilizing blockchain tech to facilitate travel across 2.2 million properties in 230 countries, 400,00 activities, and 600 airlines globally.
It offers customers travel bookings, gift cards, incentives, and travel credits. It received $2.6 million in funding at the time of the token launch – AVA token.
It offers economical travel solutions and accepts payments in more than 40 cryptos.
IOTA (MIOTA)
MIOTA is based on the Internet of Everything network concept to facilitate data and value exchange between entities, humans, and machines. It uses its own system of validator nodes called Tangle. It was launched in 2015.
It offers fearless transactions, low resource demand, and tamper-proof data storage. The MIOTa network is designed so that as more nodes come in, the network will grow more efficient and secure.
IOTA is the native coin of the platform. Elaandnl, Ehealth, Volkswagen, etc., are some of the projects using the network. Besides, it is also finding use cases in institutional and industrial sectors.
Ambrosus (AMB)
It is a Layer-1 proof of authority blockchain based on the Internet of Things. It is built using three main components – blockchain layer, public data storage, and gateway layer. AirDAO governs the Ambrisus Network.
Ambrosus facilitates intelligent supply chain governance with full control over processes, quality, and tracing. Its sensors generate monetizable goods and shipment-related information. It also has a commodities exchange platform and decentralized marketplaces.
Ambrosus has partnered with the United Nations 10YFP for SDG implementation and has an endorsement from EIT Food.
Blockchain Solutions Lie At The Base of SCM Efficiencies
Supply chain resilience is foremost for any economy. Blockchain solutions will form the infrastructural layer for supply chains and their digital twins. Blockchain-based SCM market is expected to cross $3153 million at a CAGR of 51.3%.
Projects like Morpheus.Network, VeChain, MIOTA, Travala, Ambrosus, and others are constantly innovating to add utilities and use cases in the SCM sector, achieving efficiencies and momentum in logistics and trade worldwide.
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