Morpheus.Network has partnered with IoTeX to leverage its advanced IoT blockchain technology to provide increased value and transparency to time-sensitive global trade, which in 2021 hit an all-time high of nearly $30 trillion and which they aim to disrupt.
“Today, the global logistics industry operates in a vastly fragmented and dysfunctional way,” said Roger Crook, Global Logistics Team Lead at Morpheus.Network. He is a former DHL Global CEO.
“However, blockchain can significantly improve the flow of goods worldwide by making the process of managing the movement of goods more seamless, faster, and less expensive for the end customer,” Crook said. “Blockchain can revolutionize global trade.”
Last year, global trade hit an all-time high of $28.5 trillion, and in Q1 2022, it hit a new record of $7.7 trillion. International trade has been on the rise since Q2 2020, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
The World Trade Organization released a 163-page report on blockchain technology, concluding that by breaking the various silos between the many parties involved in cross-border trade transactions, blockchain increases global trade cost efficiency, timeframes, transportation, and operational systems trade globalization, making it more profitable for businesses.
Innovative and disruptive solutions
Morpheus.Network CEO and Founder Danny Weinberger is an international supply chain expert and innovator. He cites company statistics that confirm that Morpheus.Network middleware solution demonstrating how their clients have saved thousands of man hours with compliance automation as well as 10% savings across their supply chain.
“Morpheus.Network provides logistical solutions as well as other services to some of the biggest names in the food industry, supermarket sector, shipping, and transportation area, and we are currently in talks with some global brands,” said Weinberger.
“They understand the deficiencies that today affect their exports and imports, their supply chains and cross-border operations.”
He said that Argentina-based Vitalcan, one of the world’s largest pet food companies, has seen the numbers. “They’ve saved over 10% in costs, which translates to increased revenues. But they also save over 10% in time, which is very valuable to them and the global trade industry.”
Morpheus also works with GulfTainer, the largest independent port operator in the world. Another client, Federated Co-op, is Canada’s third largest supermarket, retailer and petrol services chain with over 1,400 stores.
Weinberger explained how important their partnership is with IoTeX. “Their innovative and disruptive solutions based on blockchain technology, IoT, and big data will enable us to provide increased value and transparency to time-sensitive global trade.”
Benefits of the IoTeX Pebble tracker
“We can leverage the geo-locating data from the Pebble device and a geofence to trigger the automated generation of cross-border compliance documentation. This would allow a transport truck to carry cargo, tracked by the Pebble device, across the US- Canada border in a completely automated fashion without any complexity or delays, thus reducing its carbon footprint.”
Weinberger and Crook agree: “IoTeX is an excellent company that will help Morpheus.Network reach new heights. Together with IoTeX, we will provide our clients with trust, data, and provenance in a way we’ve never had before.”
IoTeX provides blockchain privacy, scalability, interoperability, and developability solutions. It is a highly scalable, Layer 1, EMV-compatible open-source blockchain network and development platform that builds on an existing codebase to integrate the benefits of IoT, AI, and blockchain.
Joining forces for transparency and trust
“IoTeX is excited to partner with Morpheus.Network to bring blockchain and IoT innovations to the supply chain industry, which is worth a trillion-dollar opportunity,” said IoTeX Head of Business Development Larry Pang.
According to Freight Waves, global logistics has become an $8 trillion to $12 trillion industry annually. It added that this represents a $2 trillion sector in the US alone.
Pang said the “IoTex and Morpheus teams are joining forces to enable transparency and trust for manufacturers and distributors worldwide. Our first proof-of-concept integrates data from IoTeX’s Pebble Tracker with Morpheus.Network’s supply chain management platform to streamline and automate today’s inefficient supply chain.”
He also said, “IoTeX aims to bring more real-world devices and data to Morpheus.Network shortly.”
To this point, Weinberger said the combination of blockchain and trusted devices is a game-changer that will help disrupt the entire global trade industry.
