MORPHEUS NETWORK: AN EFFICIENT TRADING PLATFORM
Trade has been global for such a long time. With Improving technology, we have also improved the way we trade. We have improved our standard shipping times with newer technology but there is still a lot to be done in terms of efficiency. This is especially true when it comes to how we deal with the shipping paperwork. There are a lot of documents required whether you are importing or exporting. Customs documents, packing lists and commercial invoice are just some of the mandatory requirements when shipping. Some documents may need to be filled from both ends of the deal. Paperwork alone is enough stress before the shipping even starts. These documents then have to be kept safely so that you can claim your goods once they arrive at the port. In case these documents are lost, it becomes another stressful ordeal trying to get their copies and prove that the cargo being unloaded is yours. The delays associated with an inefficient supply chain results to a lot of losses especially where perishable goods are involved.
However, technology is always improving and we find new solutions to our problems. Blockchain has come to aid. Its unique approach to systems will help streamline the trading industry. The Morpheus Network is developing a platform based on blockchain which will focus on creating supply chain platform that will revolutionize trading. The Morpheus Network hopes that through its platform, billions of dollars will be saved in terms of time and other resources that will be saved. The Morpheus Network platform is going to be based on the Ethereum blockchain. Ethereum will help the Morpheus Network automate its systems through the use of the revolutionary Smart Contracts.
The Morpheus Network will have a number of smart contracts that have been predetermined on their platform. They can use these to quickly fill out what is required for shipping to take place. These smart contracts will be acceptable to trading partners within the Morpheus Network community. Shipping and customs could all be sorted out in one smart contract. Because all these details are given out in a blockchain, members of that blockchain will be able to receive real-time updates of their shipment and details pertaining to them. All documents they will have filled will be visible with all the details. These details cannot be tampered with due to the immutable nature of entries in a blockchain which provides for a necessary security feature in the Morpheus Network platform. To make shipping even more in their platform, Morpheus Network will be integrating their blockchain with other technologies such as an RFID scan and the Walton Blockchain.
On security, the Morpheus Network will use a hybrid security system known as a Permission-ed Blockchain which will integrate elements of a private blockchain and of a public blockchain to maintain transparency and still have top notch security in the platform. This system will allow documents in the Morpheus Network to be accessed by permission-ed accounts only. Documents within the platform can have anonymous owners yet identifiable by trading partners. This makes the documents easily shareable in the platform yet secure at all times as only the trading partners have verification tools to know who they are communicating with. Now, since blockchain builds up on data that has been previously stored, the Morpheus Network will store some of the documents off chain to allow for the full utilization of the platform. Storing data off chain will also increase the security of private data.
The Morpheus Network will perform a series of tests to ensure that their product is of the highest quality and can meet the demands of their customers. System integration testing and business acceptance testing are just some of the tests that will be carried out by the Morpheus Network team. This testing will also be important as the results obtained will be important in determining how the platform will be managed.
The Morpheus Network wants to create a platform where currency will not be a hindrance to trade. Because of this, it is partnering with SWIFT, which will allow it to have seamless transfers across 1600 different banks worldwide. This will make payments for shipment and any other required payment smooth and efficient as this system also allows local currencies to be sent internationally without any hassle. Morph, the official ERC-20 complaint token of the Morpheus Network, will also play a huge role in the platform. They will be the basis of ‘value’ in the platform. Also, other services such as escrow will also be provided in the platform. This will be important in increasing trust in the Morpheus Network platform as trading parties will have assurance that their money and their goods will be safe. All smart contract requirements will have to be met before either is released to the trading parties.
The world trading structure could be influenced positively from the system Morpheus Network wants to introduce. A safe, secure, transparent and efficient system is what Morpheus Network promises when its platform is fully adopted. Billions are lost yearly due to the ineffectiveness of the current trading structure that is used. The Morpheus Network system would greatly improve trading time which is essential for perishable products such as flowers. Its instant money transfer feature promises to reduce delay in payments that is usually experienced due to bank delays. Frictional costs that are as a result of banks are also set to go down when the Morpheus Network is fully adopted. This adoption cannot be made possible if the Morpheus Network does not exist. Morpheus Network is currently working on a way that will help them raise funds to create their industry changing platform. They are carrying out a crowdsale on their Morph tokens which will be valuable in their platform. This crowdsale will continue until April 22nd, 2018. The vision that Morpheus Network has for global trade is an impressive one. You can support the actualization of their project by participating in their crowdsale. Links to their crowdsale and where further information about Morpheus Network can be obtained from will be given below. Be part of the change!
Links:
1. http://morpheus.network/.
2. https://morpheus.network/token/.
3. http://morpheus.network/whitepaper/.
