Have you ever stopped to think about how you are best able to navigate your day, and all of the tangible items that play a significant role in your daily life? From the food that we eat for three square meals, to the smartphones and laptops that we depend on to connect all of the dots of our personal and professional lives, the global supply chain is quite literally the backbone of how we are able to power through each day.
The global supply chain is essentially the powerful worldwide network that connects us from raw materials and production to finished products and shipments. Small and large businesses alike depend on the global supply chain to create links to manufacturers and/or suppliers of products that they will then pass on to their consumers. Of course, when considering how integral the global supply chain is to how life in every country operates, it would not be an odd expectation for this network to move along seamlessly from beginning to end. That is not the case.
The very nature of the global supply chain can be described in one word: complexity. This complexity spans oceans, continents, and thousands of different moving pieces that can undoubtedly be difficult to keep track of. Despite this complexity, the technology used largely remains outdated, rarely giving us the right information that we need to make the most efficient decisions.
According to Gartner, Inc., the world’s leading research and advisory company, effective supply chain management is hinged on robust processes that can create and fulfill demands for goods and services that will ultimately satisfy end consumers. A 2014 analysis conducted by Software Advice reported that, among prospective purchasers from thousands of companies actively seeking software that would help them to better manage their supply chain, approximately fourteen percent of these companies were still using outdated, unsophisticated to track materials, products, as well as to conduct necessary accounting management.
Globally, businesses operate under high-pressure conditions, largely expected to always to deliver their goods on time and in perfect condition. Without the right kinds of tools to track deliveries, execute binding agreements, or to serve as effective payment systems, late, lost, or inefficient deliveries abound, resulting in hundreds of billions of dollars in lost revenue. MOVA is disrupting the supply chain management industry to make significant changes to that.
MOVA is an innovative solution driven by the need to rectify two of the main factors contributing to the ongoing complexity of the supply chain, which undeniably drives up costs: lack of transparency and poor options available for risk-management tools. MOVA leverages the Ethereum blockchain to seamlessly link producers and shipping providers with automated smart contracts, accurate instant payments with built-in incentive mechanisms, as well as the ability to track the movement of goods in real-time with robust GPS technology.
Essentially, MOVA is a tracking and performance tool that allows businesses to wield control over how their products are moved, while reducing barriers to market access and removing the need to rely on premium and express services. According to Lachlan McDonald, Co-Founder and CEO, the mission of the MOVA Project “…is to make every truck on the road more efficient, increasing competition and decreasing carbon footprint.” With this global decentralized platform, businesses will benefit greatly from real-world performance data, as well as access to cost-effective logistics capacity.
Five key features of MOVA are:
- Faster Transactions: with instant, incentivised payments for delivery without the meddling of a third-party, cash flow is increased.
- Robust GPS Technology: automated smart contracts with built-in GPS technology ensure certain pickup and delivery performance.
- Lower Rates: MOVA reduces the need for costly express options, while providing a significant level of clarity and security.
- Global Market Access: removes barriers to global market access for those who may not have been able to participate fully in the global supply chain.
- Autonomy: Pending verification, as well as mutual agreements on key terms, automated smart contracts that run on the Ethereum blockchain help to level the playing-field for all involved.
Already finding success performing real-world trials, with multi-billion dollar mining and equipment dealer, Hastings Deering, MOVA is set to shifting the narrative on how the problem of complexity in the global supply chain is solved. With a commitment to transparency within their own company’s practices, MOVA has started a reputation of being leaders intent on setting trends on the best way to simply, and make more efficient, the global supply chain.