Morpheus.Network Platform Now Supports Payments Using Binance BNB Token

Businesses around the world are no more localized to limited areas or even the same countries. With the advent of globalization, goods began to move around the world. This inevitably led to dense and complex supply chains that span across countries. Instead of being a simple peer-to-peer relationship, the supply chains today encompass many parameters, parties, and intermediaries including forwarders, insurers, and customs among others.

This inherent complexity in supply chains can pose a challenge for businesses to manage them. Factors like transparency, customs, payments, etc, can be difficult to manage. This is also why efficient supply chain management is pivotal to the success of any business. Unfortunately, most processes remain analogue. It is here that technology can intervene to optimize and automate the processes.

A world where supply chains are automated end-to-end, including the handovers between intermediate processes and intermediaries, sounds rather good. All the processes are thus interconnected in a super network. This automatically enhances speed and helps mitigate associated costs, ultimately paving the way for improved customer experience. Emerging technologies like IoT, Artificial intelligence, Machine Learning, and Big Data can help in realizing this vision while Distributed Ledger technologies can also play a vital role in implementing this in real-world scenarios.

Morpheus.Network’s Role

It is this novel, interconnected supply chain supported by new technologies and distributed ledger where Morpheus.Network plays an integral role. It creates a binding layer between previously disintegrated systems. Morpheus.Network relies on a spectacular event-based modular system through which it can automate processes and create an end-to-end digital footprint.

Supply chains are constituted of humongous processes and intermediaries including parties that may not necessarily trust each other. This encompasses various ERP and warehousing systems, forwarding interfaces and EDI along with documentation and payment layers among others.

By making provision of a middleware solution, Morpheus.Nework integrates these distinct systems via automated workflows that utilize data inputs and trigger outputs based on pre-defined events. Data is moved around in a trustless architecture based on distributed ledger technologies. The blockchain system further ensures that confidential information circulates among a set of parties while other data can float freely among all parties.

It is imperative to observe that while Morpheus.Network acts as a novel, middleware solution, it does not do so by making existing practices redundant. It does not seek to replace existing systems rather it augments them. It carves an intricate architecture through which multiple parties can communicate with each other.

Use Case

We can gain a better insight into the above by considering a real-life scenario.
Let’s take a look at a real-world cross border exportation with the payment mode involving Binance as the source currency and Ethereum as the destination currency.

In the beginning, an individual workflow is set up in the Morpheus.Network user interface. It specifies all conditions and steps that are relevant to the supply chain. It is a digital representation of the actual workflow processes. This includes payment terms, process steps of physical transfer and the corresponding documents and services. The workflow is commenced by giving it a title and date along with the shipping information. The user interface involves simple and easy to use modules and tabs including drag and drop and remove TABS via which the entire workflow can be set up.

A QR code is used to identify the shipment and trigger actions upon scanning. This is accomplished by simply adding the Morpheus.Network QR Code module, allowing the user to generate a code and link it to associated input datasets. In the next step, the scan of the QR code by the forwarder automatically generates relevant documentation for the product trail.

Next configuration is that of the export documentation. This includes pertinent information like Shipper Address, Weight, Unit, Country of manufacture, Invoice, and Customs Brokers. Upon scans at predefined hand-over points, these documents are then shared automatically with all the parties involved down the supply chain. Once the documents are generated, they are shared and stored using IPFS.

The configuration of the payment layer involves the setup of source and destination currencies. In this particular case, the initial payment is carried out using Binance and transferred to the destination address in Ethereum. The platform itself takes care of any conversion fees that may be involved in the transaction.

The initial 50% upfront payment is automatically delivered once the first QR code is scanned i.e. when the product leaves the warehouse. It is sent in Binance (BNB) and received in the equivalent Ethereum value. The payment itself acts as a substantial trigger point which further triggers subsequent actions in the workflow processes. The fact that this crypto-to-crypto payment can be done almost instantly further accelerates the processes and improves the speed of the entire process drastically.

At the end of the workflow, another QR Code scan confirms the reception of the goods at the buyer’s address. Upon scanning the second QR code at delivery, the final 50% payment is automatically triggered. This step acts a confirmation that the product has been received and all the associated documents have been exchanged during the shipment process.

It is evident that once the workflow has been created, each of the pivotal actions is automatically executed in response to the defined trigger. This brings about better efficiency and cost-effectiveness for all parties involved in the transaction. Everyone involved in the transaction has the ability and the option to view further details by clicking on the relevant modules in the automated workflow.

Morpheus.Network is tirelessly running a large number of customer pilots with an array of global logistics companies and continuously demonstrating its flexibility, robustness, and versatility in different scenarios. Morpheus.Network works closely, hand-in-hand with each business to help it succeed and achieve its respective goals.

Learn more about our integrations:

• Litecoin (LTC) Enhancement to Morpheus.Network Platform.