After its use in currencies and the financial sector, supply chain was perhaps one of the earliest beneficiaries of Blockchain technology. However, it is yet to see mainstream adoption and there are many promising projects and companies trying to make supply chains more transparent and secure. Here are the top 4 supply chain based blockchain projects worth backing –
A crypto-token for safe consumer products, Wabi was launched in December 2017 with the aim of providing a solution for the global circulation of fake goods. The aim of Wabi is to link the digital and the physical assets with the help of RFID labels that are equipped with an anti-copy functionality.
The Wabi project is a blockchain-based loyalty programme which encourages and rewards purchases to establish a secure network through individual action.
The digital cryptocurrency supports Walimai’s anti-counterfeit system and is supported via the sales of Walimai’s technology-protected products. The network came into existence after analyzing that though the blockchain ecosystem offers a solution for digital assets, technology for physical assets still needs to be developed.
The team has successfully developed an algorithm that links a physical item to its corresponding digital representation at a cost that enables it to protect everyday consumer products both digitally and physically.
How does it work?
The walimai label is applied to the everyday products at a ‘point of origin’ along the supply chain which links the product to its digital representation. The digital representation consists of an encrypted unique ID, dynamic code, and geographical information.
Following this, the consumers scan the item in the Walimai app where a set of digital objects gets stored in the cloud and the data from this scan is sent to the cloud database for verification. The results of public verification are displayed to the consumer and the consumer can make a decision henceforth.
The Wabi cryptocurrency will be used to reward customers whose purchases aid in the growth of the platform. The items protected by Walimai can still be purchased with traditional money, however, using the Wabi Crypto Currency can earn consumers benefits such as discounts and improved delivery.
How can Wabi be used?
- Wabi coins can be spent on products protected by the Walimai labels. These include but are not restricted to cosmetics, alcohol, baby foods etc.
- The consumers can obtain coins by purchasing Walimai protected products or participating in other activities related to marketing.
- The Wabi coins will be listed on exchanges and will have a free-floating price.
The Bottom Line
One factor that works absolutely in the favour of Walimai is that it aims at addressing a moral issue. The project appears to exhibit a proven model which is at present being used to address the issue of counterfeiting in China. Moreover, Walimai is an established business since the year 2014 which sets it apart from the other ICOs which require funding or are in the developmental stage. Also, from the ICO dimension, the metrics in this project appear to be quite favourable. The total token supply is 100 million out of which 51% was made available in the pre-ICO and the main sale. After analysing all the ICO aspects, the WABI project appears to be a strong buy.
Launched in October 2017, Ambrosus is another blockchain-based, supply-chain platform which aims at combining high-tech sensors with smart contracts and blockchain protocol to build a globally verifiable ecosystem that ensures products of optimal quality.
The blockchain-based ecosystem claims to ensure the origin, quality, compliance, and proper handling of items which are tracked by a network. The aim of developing this network is to develop the supply chains for life-essential products—food and medicine in particular.
Technology behind Ambrosus
Two technological layers are crucial for the development and success of the Ambrosus project:
- Sensors: The team is working on developing multiple hardware sensors featuring the plug-and-play compatibility with their blockchain network. This compatibility will allow for a real-time control of the products’ environment and attributes.
- A blockchain protocol: The entire network is being built on a blockchain protocol in order to provide a decentralized and transparent service to all consumers. This protocol will work to safeguard the verifiability and integrity of the sensors-generated data following which smart contracts will be used for the automated governance of supply chains in addition to managing commercial relationships between interested parties.
The Amber Token:
The whole Ambrosus network stands on the Amber token which is an ERC-20 compliant token capable of underpinning each and every transaction that takes place on the Ambrosus network. As put by the team, “Amber is the world’s first data-bonded token which is used to bind consistently updated and verified logistical, environmental, and biological data from the supply chain to its corresponding product as it travels between counterparties.”
The purpose of an Amber token is to reflect digitally the entire journey of each product it tracks. The Amber token will primarily be used for three main purposes:
- To serve as a spam-prevention mechanism for an optimized data store.
- To serve as a way to maintain that datastore.
- To create value within the ecosystem that uses the token. This is all heavily tied to the types of data that is generated in the supply chain which is prone to small, frequently produced amounts of data that only need to be kept around for a certain amount of time.
Ambrosus is a highly-ambitious project with the potential to change the landscapes of the supply-chain ecosystem affecting everyone from local producers to end users. Backed by a strong team and a well-structured roadmap, Ambrosus appears to be a highly positive project. It is likely to be among the most successful offering of the year. Primarily the project is for long-term investments which are why investors looking to flip the token for a quick profit might face disappointment. However, there are many milestones which Ambrosus can achieve to permit the use of immediately-applicable products on the supply chains and hence increase the value of the token.
Released on August 27, 2017, Walton Chain is a cryptocurrency which aims at offering a decentralised platform for IoT devices to interact in the retail sector.
The WTC blockchain-project uses next-generation RFID technology to track items to improve the supply chain management and the retail stock management.
The aim of Walton Chain is to generate small and cost-efficient RFID tags, each with a unique ID, which will be used to tag items such as clothing and track them on the Blockchain. By doing so, it will allow companies to efficiently improve the supply-chain management and verify the authenticity of items.
What’s different in WTC?
The Walton Chain introduces to the world the concept of Value IOT—the whole system being divisible in hardware (RFID tags) and software (WTC software system, WTC protocol, and the Waltoncoin). It aims at using this concept to achieve the digitization of all assets by connecting them to the chain.
What problem does WTC aim at solving?
- The project is primarily working to improve the supply chain management globally. Since supply chain movement calls for hundreds of man-hours, WTC attempts at reducing that amount of time considerably by turning everything digital.
- It also aims to curtail the likelihood of theft with the help of its tags.
- The network will allow consumers the amenity of getting a hold on goods without having to actually engage in a transaction process.
How can you participate?
The Walton Chain coin can be earned by Staking and Trading. In order to stake, a user first needs to set up a Walton Chain native wallet following which purchase some coins from the exchanges such as Allcoin, Binance, COSS, Coinrail, HitBTC, etc. The user then sends these coins to his/her native wallet address which once transferred can be secured.
The coins can be earned by trading on different fiat and cryptocurrency platforms.
Is the project worth it?
Though the Walton Chain project is not very strong on the technological forefront and its marketing campaigns haven’t been that great either, the project has the potential to create its own ecosystem around the IoT. Also, it aims at developing the RFID technology multifold which can prove to be quite fruitful for the investors. This hardware system will prevent bottle-necking in commercial applications on the blockchain.
The project appears to have a wonderful idea on paper but putting it into practice is a long-term strategy which can involve countless pitfalls and costs. But because of its strong partnership with massive companies, it could become the next big thing as it is the first one to offer a blockchain-based retail option.
Another project that aims at connecting blockchain technology and smart contracts with sensory devices, Modum’s primary focus is on the pharmaceutical industry.
In a recent regulatory change imposed on the pharmaceutical companies in the European Union, it became necessary to prove that none of the shipped medicinal products was exposed to an environment that may have harmed their quality. This increased the costs for the transport as the companies were required to employ temperature-stabilized trucks and containers.
Modum offers to reduce these transportation costs by integrating a temperature sensor into medicinal shipments to monitor its temperature. All the data gathered by this sensor will be stored on the Ethereum network and will be transparent, accountable, and integrated. The sender and/or the receiver will be notified of any temperature deviation and this way the temperature would be monitored in a cost-effective way.
How does it work?
- Before the shipment, a shipment-specific smart contract fixes the temperature logger ID, shipment ID, and the alarm criteria for that shipment.
- When received, this smart contract permits the receiver to verify whether the regulations were met.
- The temperature is monitored throughout the shipment without having to open it.
- With each ownership change, data-authenticity is verified via the smart contracts.
- The results of each evaluation are stored in a blockchain as a proof of existence.
- According to the outcome, the sender and the receiver are notified immediately allowing them to either release the shipment or arrange further corrective and preventive measures.
The Modum Token
The MOD token is a profit-share token with voting and profit participation rights. That is to say that the value of the MOD token directly corresponds to the perceived value of the company as well as the earnings made per token.
MOD tokens are ERC20-compliant tokens and hold characteristics similar to the shares of a company.
Voting Rights: Voting rights for MOD holders pertains to the 30% of MOD supply that has been reserved for the Modum team. The holders vote on whether the reserved coins for the team will be unlocked and distributed to the team on the basis of the achievement of specific goals and milestones.
Dividend Distribution: the holders of the MOD would be given dividends from the financial performance of the company’s business. This would be strategically decided by the company’s Board of Directors and the dividends will be given in the form of ETH.
Is the Modum network worth the investment?
Modum is a business that offers the first ever solution for the improvement and affordability of the pharmaceutical company. The business model is focused on solving a real business use-case. The network has a compelling business case, broad applications, a promising track record, low coin supply (fixed at 30 million with 17.36 presently in circulation), and strategic partnerships. The integration that the network proposes gives it the advantage of being the first mover offering a single, united supply-chain solution which is well-placed against the current industry practices.