Supply chains are not too familiar to many people but make up the backbone of today’s economy—everything you use, buy, and eat depends heavily on reliable and efficient supply chains.
As technology advances and more and more complex processes are present, the level of efficiency needed in supply chains has never been higher, but there’s a problem with the existing ecosystem.
Logistics systems have always been notoriously slow in keeping up with the progress of other industries and unfortunately, areas like supply chain management have become difficult to manage efficiently due to the lack of quick and accurate info.
For instance, most companies shipping supplies from overseas receive updates of their delivery status but these updates are not too accurate, thus affecting companies as they don’t know where their items are and when exactly is it arriving.
For businesses, this means losing money as they have to face multiple challenges including untimely item deliveries, unnecessary extra costs, as well as delays in issuing or receiving payments.
All of these problems cost businesses billions of dollars every year which is a huge waste as that money can be used in other areas of the business.
Thankfully, the rise of new technologies such as the blockchain has given birth to many innovative solutions to combat the issues present in today’s ecosystem.
One of the best solutions in recent times comes from MOVA, a blockchain company ready to leave a lasting mark on the global supply chain industry.
MOVA is a company that aims to disrupt the global supply chain industry by using the blockchain to link producers and shipping providers together in an intuitive and free to access platform.
The platform will be powered by smart contracts as well as MOVA’s GPS technologies to help businesses track their shipments in real-time accurately along with an extensive (and more efficient) payment system for businesses.
Other than introducing the platform, MOVA also sets its sights on improving the industry in other aspects with one of the company’s plans including reducing the overall carbon footprint emitted by the industry.
Unlike other platforms, MOVA is free to use and the platform only charges fees for transactions made in it—a small fee to pay when you factor in the massive benefits offered by the platform.
With MOVA, companies will finally get rid of late deliveries and time wasting as data is updated accurately in real-time, hence allowing companies to make informed decisions immediately instead of waiting for days or even weeks.
The MOVA team is comprised of several renowned leaders in the Australian minerals and mining industry with impressive backgrounds in companies like McKinsey and Boston Consulting.
MOVA is already being tested with Hastings Deering, a multi-billion dollar mining and equipment company—an impressive feat that will most likely be surpassed as the team works on acquiring more partnerships.
The company’s CEO, Lachlan Mcdonald, will lead the team to establish itself as the frontrunners in revolutionizing and improving global supply chains for the benefit of the industry and the modern economy.
As mentioned in the previous section, MOVA uses the properties of the blockchain to fill in gaps in global supply chains and they achieve this with the MOVA app, the company’s decentralized app which will be available on iOS and Android devices.
The MOVA app uses smart contracts to power the processes of the platform which will be used to facilitate instant payments and make delivery terms clearer than it ever was.
What makes this possible is the integration of MOVA’s GPS tools that allow for every single stage of the supply chain to be tracked accurately in real-time.
While that may sound complicated, MOVA has specifically designed its features to be as simple as possible, to the point where no training is needed to use the platform correctly. Of course, companies have the option to outsource the work which does not affect business processes at all due to the ease of use of the platform.
If a shipment is delivered on time and meets all the conditions of the agreed terms (things that will be verified by MOVA’s tools and technology), the payment for the delivery is executed automatically, hence overcoming the problems of late or no payments for companies.
At the same time, customers can also remain confident in the fact that they’ll only be charged if and only if their deliveries are received correctly.
Furthermore, MOVA introduces a unique incentives-based approach to the ecosystem by rewarding producers and transporters who deliver their shipments on time and efficiently.
Aside from rewarding transporters, users are also compensated if they don’t receive their shipments according to the agreed terms. Due to the structure of the agreements on MOVA, customers would pay less for the shipment if the delivery does not meet the previously agreed terms.
This means that all users of the platform are incentivized fairly for their participation in MOVA—a feature that is certainly hard to come by on other existing platforms.
The process of executing shipments in MOVA is extremely straightforward; both parties would first need to agree on the terms of the delivery before the shipment is fulfilled. Once that is done, a smart contract containing the terms of the agreement will be executed automatically on the blockchain along with the incentives mentioned earlier.
In the future, MOVA will introduce a global logistics marketplace for its users which will bring features such as allowing transport providers to look and apply for jobs from a vast number of verified clients which in turn allows both shippers and providers to be more efficient in their processes.
Currently, the MOVA app provides several key functionalities including the ability to cancel contracts if both parties agree to it as well as validating contract terms with the use of integrated third-party data.
With MOVA, companies will finally be able to reduce risks significantly in supply chain transactions, while enjoying lower fees and faster transactions thanks to the platform’s game-changing features.
To find out more about MOVA and the project, check out the links below: