TALLINN, ESTONIA / ACCESSWIRE / March 15, 2021 / Decentralized finance (DeFi) as an ecosystem within the huge cryptocurrency industry is gaining insurmountable growth. As of March 2021 DeFi, projects have $83.34 billion in market capitalization, yet in 2020 market cap stood at $2 billion. The powerful technology behind DeFi movement is the ability to harness certain benefits of blockchain technology and combine it with smart contract technology to build an ecosystem devoid of middlemen or other third parties. Additionally, the fact that blockchain aids secure storage of data, Ethereum blockchain has been fundamental to developing decentralized finance applications due to the protocol being public and open source and has smart contract functionality.
Therefore, numerous applications can be developed on top of Ethereum network, leading to decentralized autonomous organizations and disrupting industries. One such area of application of DeFi concept is within the supply chain industry. The supply chain industry is characterized by having multiple stakeholders leading to high-level market fragmentation. Eventually, creating certain problems unique to the industry, including difficulty sharing data across multiple actors, is time-consuming because of the many actors required to process activities, which is done manually. Even in cases where organizations have invested in IT and digital resources, usually, these are customized to fit individual needs and cannot be used across the industry. Overall, existing supply chain systems are filled with fragmentation, costly processes, mistrust among different actors, delays, disputes, and uncertainties.
All the above problems can be solved by leveraging blockchain technology to build a fully digital network featuring equal participation rights, process visibility, user control of data, real-time notification, and information sharing remotely. One project named Obortech is in actualizing this vision and will disrupt the supply chain industry. Obortech is developing a Smart Logistics Hub, creating a decentralized and democratic digital ecosystem fitting every stakeholder in the industry. The core team at Obortech has immense experience in the supply chain industry, therefore building a platform designed to eliminate pain points within the industry. Already, they have developed and deployed their platform prototype for testing in Mongolia, aiding meat exporters' shipment process to China. The team is focused on starting operations of the Smart Hub in the second half of 2021, targeting a market share of 5 percent of inland transportation. Targeted transportation items include perishable products traveling Europe and Asia markets with plans to roll out intra-Europe activities by 2025.
Obortech is not looking into blockchain technology alone but will also develop systems supported by artificial intelligence (AI) and Big Data technologies. Artificial intelligence will be essential in automating repetitive work initially carried out by human beings and improving process reach, quality and speed. An upgrade of logistic systems will be carried by the AI system's ability to learn complex data patterns collected through Big Data technology.
The platform's technology stack includes the use of Hyperledger Fabric blockchain, which is key to building a permissioned blockchain-based consortium for various industry stakeholders. Participants in the ecosystem will have authorized access to the platform to review or update information where network consensus has been reached. Among the unique features of the Obortech platform include:
- An easy process of on-boarding
- Integration of IoT significant to grant the platform industry activity visibility and traceability.
- Optical Character Recognition (OCR) and document sharing.
- A distributed marketplace for buying, selling, and exchange of services with a smart contract functionality.
- User privacy enabled by Channels feature available on Hyperledger Fabric to maintain private information where a user desire.
- High level of performance and scalability
- A decentralized governance system for smart contracts.
- A token system (OBOT tokens) that members in the Smart Hub ecosystem can use in different ways, including paying for transactions, gaining voting rights, giving rewards, launching crowdfunding activities, and escrow contract bonuses.
Overall, Obortech is in the process of revolutionizing the supply chain business. Their prototype has proven to be a success, and the team has recorded fundamental partnerships within Mongolia, Asia, and Europe. For more information about the project, check their official website http://www.obortech.io/
Media contact
Company: OBORTECHglobal OU
Contact: Tamir Baasanjav
Twitter: https://twitter.com/OBORTECHhub
E-mail: [email protected]
Website: https://www.obortech.io/
Address: Harju maakond, Tallinn, Kesklinna linnaosa, Maakri tn 21, 10145, Estonia
SOURCE: OBORTECHglobal OU