It is well known that supply chain technology is one area where blockchain adoption makes perfect sense. The ability to create an unchangeable, non-falsifiable track record of multiple different metrics relating to products and produce throughout their journey from production to the customer has multiple important benefits.
KuCoin has listed many different examples of projects that look to utilize blockchain technology in the supply chain process. Here are a few more examples of successful projects looking to revolutionize the industry for the better.
How SophiaTX (SPHTX) Approach the Supply Chain
For their approach to the supply chain, SophiaTX has built a blockchain platform and marketplace integrating business applications and solutions into a collaborative environment. It is easily integrated with systems thanks to its open-source design, allowing businesses to join and participate in the entire value chain.
With a particular focus on the automotive, construction and pharmaceutical industries, the project utilizes the blockchain to solve the shortcomings of current enterprise systems. From improving lead times to driving productivity and eliminating counterfeits, SophiaTX is confident it can make an impact.
The vast majority of the team, including the core members, have previously worked in the parent company Equidato Technologies. They have years of experience in their professions, placing them on a strong foundation to build the project. Overall, they have well-balanced skills in Business and Marketing development as well as Blockchain.
Supporting the main team are the advisors brought in to help guide the project. The advisors have years of experience in their respective fields, being leaders in big corporations.
In terms of partnerships, the project has carefully and strategically selected partners that would greatly benefit and enhance the service. One example is BizCode, a consulting and software development company that focuses on the SAP platform with important integrations and implementations. Based on these services, they make for a strong technological partner.
Bitcoin Garden is another partnership, this time helping to bolster the presence and understanding of SophiaTX’s goals. At the same time, it will help to support the development of the open source blockchain platform and marketplace integrations.
Recently, they have partnered with the Malaysia Automotive Institute, creating efficiency while also making the process greener and more convenient. Bringing blockchain solutions to the automotive industry through this partnership, together with Crypto Valley Malaysia, will help to push forward new national initiatives using the technology.
The SPHTX token is used primarily to cover mining and transaction fees. Beyond that however, they are also used to provide access and subscription to the development platform and marketplace while also being used for in-app purchases. Finally, it can be used in the marketplace to buy and sell assets or micro-assets & services.
Creating sustainability for the long term was a key focus of the project when it came to the tokenomics, which is why transaction costs will never amount to more than 0.01 USD worth of SPHTX tokens. This is possible thanks to the unique exchange rate mechanism that is consistently updated. Otherwise, as many as 10684,7 tokens are allocated every day to users holding the token.
SophiaTX has a market cap of $7,743,313 USD.
Insolar’s (INS) Enterprise-Grade Blockchain Solution
Insolar is an open-source, enterprise-grade blockchain platform. It is being built to allow seamless interactions between companies and opportunities for growth and find new revenue streams.
The platform uses a BaaS architecture (blockchain as a service) to increase transparency, scalability, and trust. This structure enables the platform to provide performance at scale for businesses of immense scope.
Powering the Insolar project is the team. There are multiple departments with skilled individuals that are building the project. The core team consists of experts from the finance, tech, and retail industries, with experience at large companies such as IBM and Goldman Sachs. These backgrounds provide a great foundation for building an environment suitable for enterprises.
Advisors for the project similarly have a range of relevant backgrounds. They hail from business, crypto, and PR which will help the project to gain traction in the market and build up new partnerships.
Insolar has been able to secure a few partnerships to help bolster their project. One partnership is with Kabuto Foods, a popular food brand. In the scope of the partnership is the ability for the brand to adopt Insolar’s blockchain solution to improve the traceability of their products, as well as their marketing capabilities.
Civic, a leading identity management service, has also partnered with the project to bring their identity verification technology to the Insolar ecosystem. Together with Civic’s expertise, it allows Insolar to provide a safer environment with blockchain-based, immutable authentication.
Insolar’s tokens (INS) have multiple uses in their ecosystem. They are used as a form of payment between stakeholders and the project, incentives to draw in users and support developers, a voting mechanism that is fraud-resistant and transparent, and as a core element for PoS-type consensus mechanisms.
Insolar has a market cap of $8,863,074 USD.
Using Block Array (ARY) to Track the Distribution Process
Block Array is a start-up that uses blockchain-based solutions for the supply chain and logistics industry. The goal is to revolutionize the supply chain by storing traceable, verifiable and unalterable data from key points in the process.
The solutions provided by Block Array are vertically integrated, from the protocol layer to mobile applications.
The team behind Block Array have extensive experience in technology and software development and programming. The three core members have worked for high-profile companies in the past including Amazon and on notable applications including a framework for the Unity 3D game engine.
As for advisors, Block Array look to award-winning blockchain expert Igor Barinov, of POA Network fame. From his background in developing blockchain-based notaries and knowledge of Ethereum, he is in a prime position to guide the team in developing their smart contract and other notary services further to be more effective and thorough.
There are several partners to the Block Array project. ATA (American Trucking Associations) has partnered with Block Array. As part of their plan to improve the supply chain and make it operate better, the project looked to partner with the ATA to learn more about and ensure the close working relationship with a key part of the supply chain.
POA Network is another partner, providing an open-source framework for smart contracts. This greatly benefits Block Array, who can then develop this framework and tailor it to their use-cases.
BiTA (Blockchain in Transport Alliance) are a prominent group amongst blockchain-based logistic projects. As well as providing advisory services, the alliance also allows for closer collaboration with others in the industry, creating a beneficial network of knowledge and education that Block Array can access and take part in.
The ARY token is used by Block Array as a utility token. The token has a variety of applications in the ecosystem and is associated with various protocols. They will be used on the consumer, enterprise, and logistics mobile applications.
They validate and provide access to the software license for manufacturers who are interested in the project. For small businesses, ARY tokens are also used to anchor new GS1 Barcodes to the Ethereum blockchain and register the product information. The tokens can be used to purchase the barcodes at a reduced price.
Block Array has a market cap of $980,959 USD.
Introducing Bill of Lading to the Blockchain Through CargoX (CXO)
CargoX is blockchain-based smart Bill of Ladings supplier. With their experience in the global logistics industry, they seek to replace the traditional paper Bill of Ladings with their Smart B/L Contract using blockchain technology. This allows the frictionless transfer of cargo ownership rights, increasing the speed, security, and costs of the process.
The project is currently awaiting a contract to be granted by the International Group of P&I Clubs (IGP&I), which would allow companies to be issued insurance based on the documents processed within the platform. This would make CargoX the first blockchain-based Bill of Lading with IGP&I approval.
The core CargoX team all have relevant backgrounds to their industries, with many also experienced with logistics, shipping, and cargo. Most critically, the CEO is well versed in the logistics industry, helping direct the project. From a technical side, there are members with a deep understanding of blockchain technology, including the CDO who previously worked as blockchain advisor for other projects.
The advisors come from a diverse range of backgrounds, critically including logistics and blockchain. Their combined knowledge will complement that of the core team, helping to find the best partnerships and solutions going forward.
The team has enabled the project to achieved and gain much appraisal, reaching a finalist position in the top tier SXSW Accelerator Pitch 2019 Competition. The project also won the IRU International Road Transport Union World Congress Startup Competition and was shortlisted at the Financial Times / RSG 2018 Intelligent Business Awards.
CargoX has been able to secure several key partnerships within the cargo logistics industry that has placed them well for success. OceanX is one such partner that has helped CargoX develop and utilize their solutions. With their global network of leading ocean freight providers and NVOCCs, OceanX is well placed to benefit from the CargoX Smart B/L Contract technology.
Milsped Group is a notable partner that has experience in logistics and the supply chain process in regards to cargo-handling. They are able to provide a deep insight with their experience that will help develop CargoXs solutions based on real-world use-cases.
Another key partnership is with smart contract development experts MakerDAO. Through this synergetic relationship, CargoX and MakerDAO can develop the smart contracts to make sure they run better and more effectively.
CargoX uses the CXO token as a utility token for accessing the system and all core operations. It is a key part of their business model, used as a payment for usage, a usage incentive, and as gas for running Smart B/L contracts.
To incentivize their use, steep discounts and bonuses will be provided to those who use CXO within the CargoX ecosystem. This helps to facilitate the growth of the network and increasing interactions with the system, adding value to all users.
CargoX has a market cap of $2,009,498 USD.
The Perfect Application for Blockchain
More and more capable blockchain solutions are coming to the industry to the benefit of all the involved parties. There are numerous niches that have enabled the growth of the blockchain for supply chain solutions. Adding to this recent scandals and scares occurring around the world, its utilization is only set to continue.
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