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Shell-Backed Platform for Managing Supply Chains Launches on Polygon PoS

source-logo  coincodex.com 06 December 2023 16:02, UTC

Key takeaways

  • Polygon Labs has announced that Wipro, a company backed by Shell, will develop a new dApp on the network that solves key inefficiencies with traditional supply chain management
  • The new dApp, known as Falcon, delivers full transparency in an immutable public record of industrial equipment data in the energy sector
  • The MATIC price prediction algorithm expects the positive recent price action to continue, forecasting a massive +136% move to unfold in the next 3 months

Wipro partners with Polygon to build an end-to-end solution for supply chain management in the energy sector

Polygon (MATIC) climbed +4.73% in the past 24 hours to hit the price of $0.825 at the time of writing and now finds itself +47.2% up over the past 3 months.

The largest layer-2 scaling solution for Ethereum (ETH) continues to onboard major companies to its blockchain network. Polygon Labs has just announced that Wipro, a company that was incubated by Shell throughout its early stages of development, has launched an on-chain solution for tracking supply chain data on the Polygon network.

Industrial supply chain management is an integral part of how goods and services are manufactured, shipped, and delivered. However, there are certain inefficiencies with supply chain management including inaccurate data entries, non-compatible software systems, and at times, forged information.

Energy Company Market Cap
Saudi Aramco 2112
Exxon Mobil 470
Chevron Corporation 313
Shell 207
PetroChina 189

List of the top 5 energy companies by market cap

How Polygon is helping to improve supply chain management in the energy sector

Blockchain technology has surfaced as a permanent solution to some of the inefficiencies facing supply chain management over recent years, with VeChain (VET) rising into the crypto top 100 during 2021 for its novel solution for supply chain data analytics.

Wipro will now develop a new decentralized application known as Falcon, to provide an end-to-end solution for supply chain management on the Polygon network. Falcon is a comprehensive platform that tracks supply lines from their source, which will help to provide a tamper-proof and globally agreed-upon record of industrial equipment data.

Each piece of equipment tracked on Falcon will be given a digital passport that allows users to track its location and service history publically. The transparency is expected to solve key inefficiencies with the existing process, while the immutable record of all data ensures a frictionless platform that can be trusted with the most accurate information.

QUOTE: Falcon will have a direct impact on the bottom line of energy companies, with up to 20% efficiencies across the supply chain document management, expediting and inspection planning activities.

Algorithm predicts more upside for MATIC over the next 3 months

MATIC has surged +47.2% in recent months and now looks as though it could re-test its November high in the coming days and weeks. MATIC had previously risen from $0.50 in October to reach $0.98 in November before a slight retracement took place in recent weeks. However, a +6.89% move in the past week has reignited the uptrend.

The MATIC price prediction algorithm expects imminent volatility, forecasting a +27.51% surge in the next 5 days that would take MATIC above and beyond its November peak. By early 2024, the price level could break through all key resistance levels from 2023 as the algorithm expects a breakthrough of the yearly high, which was formed at $1.56 back in February.

The 3-month price prediction from the AI is targeting a $1.95 MATIC by March 2024. In total, this would be a +136% move from the current price of $0.825.

Bottom line: The latest high-profile partnership from Polygon brings another enterprise dApp onto the blockchain

The collaboration between Wipro and Polygon Labs to develop Falcon, an end-to-end supply chain management application, is the latest in a series of enterprise partnerships for the layer-2 blockchain. Previously, Polygon had partnered with Adidas, Stripe and Adobe to launch custom dApps that offered new features to each company’s base of customers.

Falcon has been indirectly backed by Shell, which is ranked as the fourth-largest energy company in the world thanks to its well-established supply chains from energy hotspots such as the Middle East and the North Sea. Falcon will provide Shell with a tamper-proof and reliable solution for tracking supply chain data, which represents a novel use case for blockchain technology that could prove invaluable for the energy sector.

As things stand, MATIC looks set to continue its positive price action as the AI price prediction algorithm has forecasted another more upside in the coming days. A +27.51% 5-day forecast is followed by a +136% forecast on the 3-month time frame, showing that MATIC has been gaining some major bullish momentum heading into the new year.