Morpheus Network: A Blockchain-Based Supply Chain Platform
Due to the growing complexity of supply chain logistics around the world, the task of efficiently moving commercial products through different countries is becoming increasingly more inefficient. As a result of increasing freight costs, expanding customer bases, fluctuations in global pricing, the costs of international importing and exporting have seen a substantial increase over the past couple of decades.
A task as easy as sending a bulk shipment of flowers can often involve the creation of over 200 hard copy documents from over a dozen sources. Additionally, certification documents need to be verified by multiple intermediaries to prevent issues of fraud as well as to minimize any errors that can cause the shipment or payment process to be held up.
Morpheus Network is an all-new blockchain solution that aims to remove many of the complexities that underlie the supply chain process. For example, when a document needs to be shared with multiple institutions, it can be uploaded directly onto the native blockchain where it can be viewed by multiple parties— but cannot be tampered with or inadvertently altered.
This not only results in the elimination of a lot of paperwork but can also help create significant savings in time and cost for all of the involved parties.
Some of the core areas where Morpheus is able to help supply chain setups include:
- Security and privacy
Interested in Morpheus? Here’s a quick rundown of the project:
Platform & Development
In short, Morpheus Network is able to provide a high level of automation within existing supply chains is by deploying smart contracts. These allow for the execution of predetermined, automated work contracts as well as enable streamlined international payments as per prearranged financial terms between all of the involved actors.
Additionally, the platform can be fully integrated with Waltonchain (WTC), a unique blockchain service that is compatible with technologies such as RFID tags, Sia and helps verify the transfer of data as a single object within a supply chain.
From a monetary perspective, Morpheus enables suppliers, manufacturers and exporters to send and receive money across 200 nations using their local fiat currency. This is made possible through the use of SWIFT transfers that are currently popular all around the world.
Payments can be of any scale and can be completed within an average timeframe of 2-6 minutes — compared to the Bitcoin blockchain which takes nearly an hour to process transactions.
According to the project’s roadmap, simulation testing will commence in the coming few months and the testnet will be deployed by September of this year. The Morpheus Network is expected to officially go live in the first quarter of 2019.
The team is comprised of highly experienced professionals like Roger Cook and Danny Weinberger. Roger has previously served as the CEO of DHL and is also the head of Capital Springboard — a P2P platform that allows investors to participate directly in the low risk/short window invoice financing market.
Morpheus Network (MORPH) currently has a market cap of ~$8 million. In all, a total of 100,000,000 native tokens have been minted out of which, only 23,235,853 MORPH are currently in circulation.
With Morpheus Network promising to deliver the cryptoverse with an automated platform that utilizes a unique crypto payment module, it would not be surprising to see this project gather momentum and become increasingly popular.
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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.