Supply chain control is an area that is crying out for the blockchain revolution, and a great many projects have answered the call. From medicine to wine, anything that can be carried can be streamlined and improved with the help of blockchain technology.
Today, for your pleasure, we are going to run through five projects that are hoping to be the pioneers of this new paradigm.
VeChain Thor (VET)
VeChain Thor is a blockchain-based system that has targeted big players in various industries and has expanded its platform to include its own exchange and the incubation of promising projects. Their My Story project, which was designed in tandem with data management giant DNV GL, allows end users to track the provenance of products that use the VeChain Thor blockchain, a platform that was recently adopted by Haier, the biggest consumer electronics manufacturer in the world.
VeChain Thor also has deals with BMW, PwC, and BYD, China’s largest manufacturer of electric cars, covering product authenticity, carbon credits, IoT payments, and more. Holding the VET token generates VTHO, which is the token that powers the VeChain Thor blockchain.
Ambrosus focuses on pharmaceutical logistics, using sensors to record temperature and other critical factors involved in the storage and shipping of medications. Once a batch of medication arrives with the pharmacist, he or she can quickly check these factors and will be alerted if, for example, any batch of medicine rose above its maximum safe temperature en route. The pharmacist can then reject this medication, something that is currently impossible to detect, while the use of smart contracts on the blockchain ensures that readings are accurate and immutable.
Companies pay to have their shipments stored and tracked with Ambrosus, with a portion of the fees being split among masternode holders who help verify transactions on the blockchain. Ambrosus has promised to reveal big healthcare partners, but has so far only announced a partnership with ShipNEXT, an online shipping marketplace.
TE-FOOD is a food traceability blockchain solution, offering farm-to-table product tracking for a wide variety of foods. TE-FOOD uses RFID tags and QR codes to identify livestock, transports, item lots, and packages to verify various aspects of the shipments along their journey, allowing the end user to quickly and easily verify the authenticity, freshness, and more of the products.
TE-FOOD was already a thriving business before they got into blockchain, and have since gone from strength to strength, signing partnerships with Auchan, the world’s 13th largest food retailer, and launched trials with supermarkets in Vietnam. TFD masternode holders can receive a percentage of the transactions on the TE-FOOD network in return for helping operate the blockchain.
Morpheus.Network is a supply chain platform that aims to optimize global trade by simplifying and automating the logistics needed for any complex international shipment by any company or individual. This is achieved by the use of smart contracts across shipping, customs, banking, and accounting sectors to offer a ‘full service’ import and export system fully in line with global customs laws and regulations.
Morpheus.Network have signed deals with various shipping and warehousing companies and recently launched their mainnet. They have also announced masternodes, which will form the backbone of the decentralized blockchain network.
Devery allows manufacturers, brands, and retailers to assign unique digital signatures to any products, services, or digital goods sold online using NFC chips, RFID chips, and QR codes. These signatures are stored on the Ethereum network and hold a wealth of information such as location, date, manufacturer/point-of-origin, and the identification of the verifying party. In practical terms, this means that e-commerce retailers offering products or services can verify their authenticity, as can the end user, with the system extending to digital goods and services, such as certificates and courses as well as physical goods. EVE tokens power the transactions on the network, with masternodes expected to be implemented to reward token holders.
Who Will Eat at the Top Table?
The biggest competition to claim the supply chain crown will likely not come from competing decentralized systems, but will instead probably come from giants such as IBM who are developing their own TradeLens global trade network in tandem with shipping giant Maersk. A scheme that has already signed up over 100 participants. Decentralized projects will have to battle against the speed and convenience offered by such luminaries in order to get eat at the top table, but with international global logistics alone being worth an estimated $2.6 trillion, there’s plenty to go around.