We’ve been discussing how blockchain technology can disrupt the supply chain industry for years. Morpheus Network & Supply Chain Technology is the focus of today's discussion for a good reason. In light of where the space thought it would be by now. VeChain still hasn’t made much headway in delivering distributed ledger technology to the troubled supply chain industry. Covered in our Does Vechain have a Future Article. It's allowed other projects like Morpheus to step in and start picking up the slack. That's because it’ll take a lot more than just a few RFID chips to make a lasting impact on the Supply Chain Industry. Surprisingly more than 60% of companies worldwide still have no technology deployed to monitor their supply chain. Businesses that deploy updated technology see an average of more than 15% in cost reductions.
For companies that do see this benefit only a very small percentage have full visibility of their supply chain. With a total market value estimated at over $16 billion dollars and an almost 50% increase in business expected before 2027, supply chains will need to evolve quickly to meet the increasing demands of consumers. Morpheus wants to play a crucial role in this process as the logistical middleware, giving legacy infrastructures more cost-efficient methods of getting goods to buyers.
Morpheus Network makes it easy for businesses to connect with their platform and upgrade internal systems to ensure the business is prepared to handle any industry-growing pains. Through advancements in Distributed Ledger Technology, Internet of Things, Optical Character Recognition,