The world of blockchain technology has undergone major changes over the past decade as the concept has evolved from offering simple two-way exchanges to a massive ecosystem filled with real-world application protocols, from decentralized finance to its own digital art.
A market segment that has been gaining momentum recently while the global delivery system is under massive pressure in time is a group of supply chain and logistics projects that offer blockchain-based solutions to the global supply chain. environmental system.
While it is true that the current challenges facing global suppliers, shippers, truck drivers and businesses are multifaceted and include issues such as wages and benefits, the integration of blockchain technology provides a significant upgrade to an existing system that often relies on physical traceability. Workflow between isolated parts of a multinational network.
Here, some of the most important blockchain protocols focus on supply chain and logistics and their contribution to solving today’s challenges facing the global system.
OriginTrail is a protocol focused on providing logistical support and enterprise solutions to the global community, transforming the existing diverse information ecosystem in Web 2.0 into an integrated “knowledge graph” in Web 3.0.
In an effort to better communicate its goals to the public, on October 1, OriginTrail underwent a rebranding to become “the world’s first decentralized knowledge graph,” with the goal of “organizing humanity’s most important assets, making them discoverable, verifiable, and valuable…”
As part of the network’s effort to track assets of all types across all networks, OriginTrail has adopted a multi-threading approach to facilitate interoperability. It currently works on Ethereum, xDai, Polygon and is in the process of merging with Polkadot.
The long-term goals of the protocol include bypassing the physical supply chain to enable regulation, discovery and verification of all kinds of things, including artworks, diplomas, certificates, intangible tokens (NFTs) and decentralized financial assets (DeFi). …
Recently, the project received a kind of seal of approval, as the TRAC token was built by Coinbase, the leading US crypto exchange, which helped drive the value to an all-time high of $3.87.
TRAC/USD 1 day chart. Source: TradingView
As supply chain battles continue, protocols like OriginTrail can help simplify the process, as well as provide all parties in the supply chain with up-to-date web data and other relevant information that can help them become more informed. Determine the best way to route your cargo.
VeChain is a two-token supply chain blockchain platform that uses Internet of Things (IoT) technology and distributed management to address supply chain challenges.
VET/USD daily chart. Source: TradingView
The Network Proof of Authority (PoA) mechanism, which includes more certified major node operators whose identities have been verified by the VeChain Foundation, helps maintain overall network security and ensures that the protocol operates in accordance with enterprise governance policies.
VeChain recently announced that PoA 2.0 will be launched for the testnet on November 5, with the mainnet launch scheduled for November 16.
PoA 2.0 combines the consensus mechanisms of Byzantine Fault Tolerance and Nakamoto to provide a more secure system, as well as improvements to the randomization process that selects the next block manufacturer, and the inclusion of a committee function that randomly selects three block manufacturers to test a block, according to the team. …
VeChain Protocol is working closely with DNV, an internationally recognized expert in security measures and risk management, as part of its overall strategy to integrate blockchain technology into the global supply chain.
The two organizations recently met with heads of state in San Marino to present their findings and reaffirm their commitment to helping the country deal with the transition from a linear to a circular economy by integrating blockchain applications.
VeChain has also been recognized by the Chinese government for its development in food traceability and blockchain technology applications in industrial agriculture and rural development.