Supply chains have the greatest impact on global trade and commerce. However, COVID-19 has revealed that global supply chains lack visibility and traceability and are unable to manage risks such as counterfeiting and increased costs.
69% of companies still lack visibility into their supply chain. The World Economic Forum reports that disruptions to global supply chains will result in losses of $1.5 trillion in 2023 alone! Problems of this scale require solutions of similar scale.
In the same vein, the U.S. President announced 30 new groundbreaking actions to strengthen supply chain resilience, data sharing, international cooperation, and climate impact monitoring.
Blockchain-based platforms and solutions will play a pivotal role in achieving these goals. 73% of corporate budgets are allocated to growth and performance improvement. Enterprise-grade blockchain solutions are needed to bridge the gap for end-to-end traceability and exchange of value and information between stakeholders across global supply chain networks.
The cryptocurrency market has many new and emerging players driving the supply chain competition. Our analysts have selected the top five projects set to grow significantly in 2024.
VeChain (VET)
VeChain, previously a pure-play supply chain management solution, has rebranded as VeChain Thor.
Morpheus.Network. The mainnet was launched in 2018. Today, developers can build dApps for more general data solutions on chain.
Companies such as BMW, Walmart, LVMH, and others use VeChain capabilities to track the authenticity of goods, verify provenance, and prevent fraud in their supply chains.
It operates on a dual token economic model. VET facilitates voting and VTHOR is used to execute transactions.
Morpheus.Network (MNW)
Morpheus.Network, one of the leading names in supply chain management since 2017, is a blockchain-based middleware solution that integrates modern technologies with legacy systems. This brings traceability, automation and transparency to the supply chain.
Morpheus.Network has over 100 integrations with technology providers such as FedEx, IBM, Oracle, Salesforce, and more. Customers include Coke, DHL, Marsh, Telefonica, Gulftainer, and the governments of Argentina and Singapore. It was also part of the Microsoft for Starter’s Hub program.
MNW is the native token that facilitates trading on the platform. MNW holders can also stake their tokens to run a masternode and earn up to 18%.
Travala (AVA)
Travala was founded in 2017 as a cryptocurrency-based travel booking service. It is one of the few projects that leverages blockchain technology to facilitate travel across 2.2 million facilities, 400,000 activities and 600 airlines in 230 countries around the world.
Offer your customers travel reservations, gift cards, incentives, and travel credits. At the time of token launch, it received $2.6 million in funding in AVA tokens.
It offers economical travel solutions and accepts payments in over 40 cryptocurrencies.
IOTA
MIOTA is based on the concept of an Internet of Everything network to facilitate the exchange of data and value between objects, humans and machines. We use our own validating node system called Tangle. It was released in 2015.
It offers fearless transactions, low resource demands, and tamper-proof data storage. The MIOTa network is designed to allow the network to grow more efficient and secure as more nodes join.
IOTA is the native coin of the platform. Elaandnl, Ehealth, Volkswagen, etc. are some of the projects using the network. We are also finding use cases in institutional and industrial sectors.
Ambrose (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 manages the Ambrisus network.
Ambrosus promotes intelligent supply chain governance with complete control over processes, quality and traceability. These sensors generate information about products and shipments that can be monetized. It also has a commodity exchange platform and decentralized marketplace.
Ambrosus partners with UN 10YFP and is approved by EIT Food to implement the SDGs.
Blockchain solutions are the foundation of SCM efficiency
Supply chain resilience is of utmost importance to any economy. Blockchain solutions form the infrastructure layer for supply chains and digital twins. The blockchain-based SCM market is expected to exceed $3153 million at a compound annual growth rate (CAGR) of 51.3%.
Projects such as Morpheus.Network, VeChain, MIOTA, Travala, Ambrosus and others are continuously innovating to add utility and use cases to the SCM sector, achieving efficiency and momentum in logistics and trade around the world.