Morpheus.Network, the leading blockchain-based supply chain management platform has joined forces with another global cryptocurrency heavyweight to further simplify the entire process of cross-border shipments across the globe. The latest integration comes in the form of support for Binance Token (BNB) to make payments over the platform.
According to a recent post on Morpheus.Network’s official blog channel, the company states that the support for Binance will make it possible for the users to pay with BNB tokens, whereas the recipient can choose a different cryptocurrency for settlement.
A Journey Through Morpheus.Network Powered Supply Chain
Morpheus.Network makes use of a host of technologies including blockchain, artificial intelligence and Internet of Things to create an automated, transparent supply chain logistics solution. The process of shipping a consignment using Morpheus.Network begins with the creation of an individual workflow on the user interface which resembles the actual real-world process steps including the documentation and compliances, payment terms and other associated services. With the workflow finalized, identifier QR codes will be generated by the Morpheus.Network QR Code module, to be attached to the shipment. The QR Code will be linked to all the necessary datasets applicable to that particular consignment.
With these steps concluded, the QR Code has to be scanned, to autogenerate relevant documentation creating a product trail throughout its journey. As the consignment passes through different checkpoints during the course of its journey, the attached QR Code is scanned at each station, to automatically access and verify the export documentation, which is stored and shared on a secure, decentralized IPFS infrastructure.
As the goods move through regular channels, payment for such consignments can also be concluded over the same network. Morpheus.Network’s payment layer with support for multiple payment types is responsible for handling the financial transactions. The exporter and their client can decide upon the payment method to set up the source and destination currencies on the platform. As a usual practice, 50% of the payment can be executed upfront, before the consignment begins its journey and the balance paid upon receipt. The responsible smart contract will ensure that first half of the payment is automatically triggered at the time of initial scan of the QR Code, and remaining after the shipment is scanned at the delivery point, thereby confirming that the shipment has reached its intended destination. The system further offers flexibility to create custom payment options, such that every time the QR Code is scanned, a particular action apart from the document retrieval is triggered to ensure smooth movement of goods through the supply chain.
How does BNB Help?
Unlike fiat currency, where each nation has its own, cryptocurrencies are universal in nature. For example, a Bitcoin stays the same irrespective of which country or the wallet it is held in, albeit the current market rate in that region. And given the number of different cryptocurrencies, everyone might have their own choice of crypto, based on their popularity, accessibility and ease of conversion. Catering to such cases, BNB backed by one of the popular cryptocurrency platforms makes the process of crypto payments and settlements easier, while offering participants the flexibility of choosing the settlement currency.
Earlier last month, Morpheus.Network included Litecoin to its ever-growing list of supported cryptocurrencies for payments on the platform.
Supporting the Evolution of Supply Chain Management
Morpheus.Network has gained significant attention from the global community. The platform’s implementation of distributed ledger technology to create a truly global automated supply chain and logistics solution has already resulted in various strategic collaborations and partnerships with freight forwarders, customs brokers, payment services and software providers. Some of these collaborators includes the likes of SAP, FedEx, DHL, UPS, AccessPay, and ChainLink.
In addition, the company’s initiative also addresses the challenges created by supply chain inefficiencies, as the World Bank puts it, “Supply chain inefficiency is the #1 world problem to solve in order to stimulate economic growth. Reducing these barriers to global trade could increase worldwide GDP by USD $2 trillion.”
Meanwhile, the CEO of Morpheus.Network Dan Weinberger who also happens to be a UN Supply Chain expert has represented the project as well as stressed upon the importance of transparent and more efficient supply chain at last year’s United Nations Economic Commission for Europe event. During the event, Dan said, “It is absolutely essential to promote the standardization of these new supply chain technologies in order to interconnect the globe. United Nations forums, like this one in Hangzhou, have a huge impact on this standardization, which is necessary for global adoption. I am honored to have the opportunity to speak at this conference and help form the optimized supply chain the future has in store.”
Since then, Morpheus.Network has been involved in a number of pilot projects and Proof of Concept developments, including the much-discussed implementation of blockchain technology with the United States Department of Homeland Security to combat counterfeiting through the recommendation of Customs Direct customs brokerage house.
More information about Morpheus.Network is available at – https://morpheus.network
Image by Hessel Visser from Pixabay
