The world economy relies on fast, efficient, international importing and exporting. However, running a global supply chain business contains various inefficiencies:
- Document storage and transfer to comply with local regulations.
- Transferring money resulting in lost revenue due to bank fees, conversion rates and delays to the tune of 2 trillion dollars last year.
- Dealing with untrustworthy business partners.
- Organizations are wary of threats from competitors, choosing to protect data instead of sharing with trusted partners.
- Blind spots persist across the supply chain as organizations lose track of products and paperwork.
- There is no immutable record shared amongst all parties to track the origins of an asset to determine authenticity and quality.
For example, sending a bulk shipment of flowers overseas can generate as many as 200 paper documents from a dozen vendors. The document that certifies goods, such as flowers, to be hygienic and free of insects must be stamped and signed by numerous agencies, and then transported separately by air to the import destination because customs agents require original documents to help prevent fraud. One small error on paper documents like these can result in delays that spoil a shipment or hold up payments. Likewise, multiple parties, such as exporters and importers, insurance companies, customs agents, terminal operators, freight forwarders, carriers, use the bill of lading. Typically, the bill of lading is sent by courier overnight after the seller receives word that the shipment has arrived.
The Morpheus Network can remove the complexity from this process. Any time a document needs to be shared with multiple institutions, putting that record on the blockchain enables real-time updates that can be seen, but not tampered with or inadvertently altered. This can create significant savings in time and cost while at the same time, ensuring a strong level of trust.
The Morpheus Network was established by industry veterans to address global supply chain inefficiencies, resulting in full-service, global, automated, supply chain platform for the global trade industry, utilizing blockchain technology. We recognize blockchain as a technology to be leveraged across supply chains to see breakthroughs in automation, optimization, security, visibility and forecasting.
Automation is achieved utilizing Smart Contracts , driving the supply chain with predetermined, automated work contracts, shipping & customs documents as well as automated international payments. The layering of other Blockchain technologies, as a part of , or an objective in the Smart Contract, is another key feature further enabling supply chain automation. This involves the integration with other blockchains such as using the Walton Blockchain to signify the arrival of a shipment with an RFID scan, or using Sia to verify the transfer of data as a single objective in a supply chain Smart Contract.
At scale, the Morpheus Network can save the industry billions of dollars. According to the World Economic Forum’s report Enabling Trade: Valuing Growth Opportunities, reducing barriers within the international supply chain could increase worldwide GDP by almost 5 percent and total trade volume by 15 percent. This equates to a global economic boost of 3 trillion USD!
INSTANT MONEY TRANSFERS TO OVER 200 COUNTRIES
The Morpheus Network enables suppliers, manufacturers and exporters from around the world to receive their local currency in over 200 countries globally. Conversely, purchasing importers can send their own country’s currency to finance purchases in other countries. This is accomplished through integration with SWIFT which allows a direct transfer of funds into over 1600 banks. Therefore, the network allows any company or individual to complete any complex international purchase and shipment, no matter the scale of the transaction, smoothly, easily and instantly.
The Morpheus Network is the first platform designed to execute large money transfers to over 1600 bank internationally, using the newest and fastest blockchain technology, as an objective in a Smart Contract for globally transacting businesses. It is designed to be used by importers and exporters replacing traditional bank wire transfers which are expensive, slow, unsecured and simply outdated.
To give an example, China is currently the most expensive major currency corridor, according to the World Bank, with the average cost of sending $1000.00 (£700.00) from the UK to China standing at a staggering US $98.00 (£68.60) or 9.8% compared to small Morpheus Network fee of 1%.
AUTOMATED SUPPLY CHAINS
Morpheus Network simplifies and automates the logistics needed for any complex, international shipment for any company or individual. This is achieved by our talented team containing shipping, customs, banking and accounting experts with deep knowledge and extensive experience. The result is a “FULL SERVICE” IMPORT AND EXPORT SYSTEM abiding by all customs laws and regulations globally. Also included is the automated generation of digital, ORIGINAL shipping documentation and contracts for the first time ever which are predetermined and templated.
Another advantage of the Morpheus Network which increases importer or buyer assurance, is our escrow payment service. Based on the predetermined Smart Contract, with escrow payment in place, the funds will only become available to the exporter following completion of the Smart Contract’s objectives. Complete trust in a seller is achieved since all the objectives in the Smart Contract must be completed prior to the automated releasing the funds to the merchant!
The Morpheus Network also incorporates the “layering” of other blockchain technologies to be included as necessary objectives in a given Smart Contract. These objectives may include a necessary data transfer using Sia, or a Walton RFID entry, or even a Ripple transaction which is integrated into the Smart Contract and sets off the rest of the automated objectives.
In addition, the Morpheus Network is using Artificial intelligence (AI) to further optimize any supply chain by gathering vast amounts of logistical data off of the blockchain. These findings allow container shipping ports to be planned and routed in advance and as necessary based on global traffic, port delays, weather as well as many other factors and sources of data. AI is also being used to prepare compliance documentation for an import, generated by the Morpheus Network, by more accurately estimating port arrival times.
Furthermore, our user rating system gives prospective Morpheus Network users assurance that they are dealing with a reputable and experienced business partner.
SECURITY & PRIVACY
One of the most exciting properties of blockchains is the ability to connect disparate ecosystems – often competitors – onto a common platform. However, there are privacy and confidentiality concerns as companies using a single blockchain would be sharing sensitive data around trading partners, shipping patterns and volumes which can become available to competitors through their participation in the network.
Morpheus Network utilizes a Permissioned Blockchain which provides a hybrid between the ‘lower-trust’ model of Public blockchains and the ‘single highly-trusted entity’ model of Private blockchains. The Morpheus Network Permissioned Blockchain maintains the privacy of user’s data, without consolidating power with a single organization.
A trusted Morpheus Network Consortium will be established to control access to the blockchain and will play a role in maintaining the blockchain in a decentralized manner.
Morpheus Network builds on innovative zk-snark technology. This enables the confirmation of every transaction of physical goods in the chain of custody, so that a connected record of provenance can be maintained, without any of the players upstream or downstream of the transaction having access to information not related to that specific transaction.
Document records on the blockchain can be accessed only by authorized participants; this can be all participants or only those that need a particular portion of the data. Document ownership and access can be anonymous yet securely identified between partners who require verification. In short, it can be widely shared and protected at the same time.
Documents are stored in an off-chain container which allow Morpheus Network Smart Contracts to harness the full power of the blockchain’s capabilities while protecting private data. This ensures the correct balance of privacy and transparency. One feature of blockchains is data immutability; once data has been written to a blockchain no one, not even a system administrator, can change it. This benefits the Morpheus Network users by creating a secure audit trail of all documents and transactions to ensure compliance with local regulations.
One of our Co-Founder, Noam Eppel, is a highly experienced developer with over 15+ years of experience with a speciality in information security. He has worked for large web agencies in Toronto, New York, Texas and California, and founded a busy web agency with clients around the world. Noam has worked with and consulted for IBM, Massachusetts Institute of Technology, National Bank Financial, Bank of Montreal, Mount Sinai Hospital and many more financial corporations, e-commerce companies, law firms, hotels, startups, hospitals, independent artists and non-profit organizations. He also designed an taught an information security course at a college in Toronto and created an online security course used by large corporations across North America.
Additionally, to help secure funds raised during the pre-sale and Token Sale periods, all funds will be converted to Ethereum and stored in a multi-signature wallet. A multisig wallet is a technique that requires multiple people to approve of the release or transfer of funds. The multisig wallet keys will be held by founders of the Morpheus Network team as well as members of the advisory board from companies including Deloitte LLP, TD Canada Trust and Toronto General & Western Hospital Foundation.
Lastly, our team is filled with experts in their perspective fields from a functional standpoint including blockchain, global trade, international customs regulation, accounting compliance, payment processing platforms, legal, information security, website and DApp development. Our team includes talent and contributors from:
- Deloitte LLP
- TD Canada Trust
- Willson International
- Clean Forest Solutions Inc.
- Atlas Cargo
- The Smart Cube
- McLeod Law LLP
- Toronto General and Western Hospital Foundation
WHY THE MORPHEUS NETWORK?
Other blockchain and non-blockchain based services available, such as TenX, Monaco, Paypal, Alipay and Wechat, don’t offer the same security and functionality when it comes to international transfers associated with the import and export industry. Generating and storing original documentation on the blockchain such as the manufacturing or work contracts and shipping forms (commercial invoices, packing lists, insurance documents, bills of lading) is a key feature to the network and not a part of the retail, payment processing world whether written on blockchain technology or not. Same goes for many major functions of the Morpheus Network such as automating supply chains, escrow smart contract payments, integrating other blockchain technologies, automated shipping documentation generation, import/export tutorial services and more.
The Morpheus Network links traditional, international transacting with the newest, blockchain technology!
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Morpheus.Network was designed in consultation with some of the world’s largest shipping, customs & banking firms to create a full-service, global, automated, supply chain platform with an integrated cryptocurrency payment system utilizing blockchain technology.