Morpheus.Network, which serves as a leading firm infusing the latest technological developments into the supply chain domain for enterprises, has partnered with the MakerDAO payment ecosystem. The SAAS middleware portal will work in collaboration with DAI stablecoin to carve out an integrated digital payment framework to strengthen the supply chain working.
The news was broadcasted through an official post by Morpheus.Network team on their Twitter handle. The post read:
We're excited to announce the integration of @MakerDAO $DAI #Stablecoin payment system to our SAAS middleware platform. The deployment automates the #supplychain workflow with tracking, compliance and payments.
— Morpheus.Network (@MRPHSupplyChain) June 26, 2020
In a video, CEO Dan Weinberger elaborated on the significance of using a robust payment platform for managing and strengthening the network operability of supply chain systems. He designed a sample demonstration depicting a cross-border order. He configures QR Code Scan modules to start the workflow and the destination of delivery and used automated tools to foster a crypto-to-crypto payment, a bill of lading, and a proforma invoice. The use of the QR scan code increases convenience as it gives complete information, including geographical location and timestamp.
Morpheus.Network employs the utilization of a geofence that collects data from GPS-enabled mobile phones, telematics, and IoT devices. The location completes the workflow module at a particular geographical point, further auto-initiating the next round in the workflow process. The crypto-to-crypto payment feature asks the source and destination virtual currency. The source amount is converted into the destination currency for a minimum charge.
Stablecoins like DAI ensure protection against volatility as well as offer multiple benefits like decentralization, high-end security, speed, and low cost. Morpheus.Network uses stablecoins in the payment of goods and shipment, making the process streamlined across all participating entities. The workflow is implemented only after the complete configuration of the modules. Each and every step of the workflow is hashed, notarized, and validated on the blockchain network. This stores the data permanently and immutable. The digital imprint gives information about all the operations in the system.
DAI network will automate the entire workflow of Morpheus.Network upon integration. The QR scan initiates the launch of the next step, which frames and provides the crucial documents. Morpheus.Network brings together technologies to provide a digital module of the process and offering secure transactions saving money and energy of the customers. It aims to strengthen the future of the supply chain industry and sector.