Key learning points
- Polygon Labs has announced that Wipro, a Shell-backed company, will develop a new network-based dApp that solves key inefficiencies with traditional supply chain management
- The new dApp, known as Falcon, delivers full transparency into an immutable public registry of industrial equipment data in the energy sector
- The MATIC price prediction algorithm expects the positive recent price action to continue and predicts a massive +136% move in the next three months.
Wipro partners with Polygon to build an end-to-end solution for supply chain management in the energy sector
Polygon (MATIC) has risen +4.73% in the last 24 hours to reach the price of $0.825 at the time of writing, and is now +47.2% higher in the last 3 months.
The largest layer 2 scaling solution for Ethereum (ETH) continues to onboard large companies to its blockchain network. Polygon Labs just announced that Wipro, a company incubated by Shell in 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 produced, shipped and delivered. However, there are certain inefficiencies in supply chain management, including inaccurate data entry, incompatible software systems, and sometimes falsified information.
List of the top 5 energy companies by market capitalization
How Polygon helps improve supply chain management in the energy sector
Blockchain technology has emerged as a permanent solution to some of the inefficiencies supply chain management has faced in recent years, with VeChain (VET) rising to the crypto top 100 in 2021 for its new solution for data analysis of the supply chain.
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 provide a tamper-proof and globally agreed record of industrial equipment data.
Each device tracked on Falcon will receive a digital passport that allows users to publicly track its location and service history. The transparency is expected to solve key inefficiencies of the existing process, while the immutable recording of all data provides a frictionless platform that can be trusted with the most accurate information.
QUOTE: Falcon will have a direct impact on energy companies’ bottom lines, delivering up to 20% efficiency improvements in document management, expediting and inspection planning activities across the supply chain.
The algorithm predicts more profits for MATIC in the next three months
MATIC has risen +47.2% in recent months and now looks like it could retest its November high in the coming days and weeks. MATIC had previously risen from $0.50 in October to $0.98 in November before a slight retracement in recent weeks. However, a +6.89% move in the past week has reignited the uptrend.
The MATIC price prediction algorithm expects impending volatility and predicts an increase of +27.51% over the next five days, which would push MATIC above its November peak. In early 2024, the price level could break all major resistance levels of 2023 as the algorithm expects a break from the yearly high, which was formed in February at $1.56.
The AI’s three-month price forecast targets a MATIC of $1.95 by March 2024. In total, this would be an increase of +136% from the current price of $0.825.
Bottom line: Polygon’s latest high-profile partnership brings a new business dApp to 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 business partnerships for the layer 2 blockchain. Previously, Polygon partnered with Adidas, Stripe and Adobe to launch custom dApps that offered new features to each company’s customer base.
Falcon is indirectly backed by Shell, which is ranked as the fourth largest energy company in the world thanks to its 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 supply chain data tracking solution, representing a new use case for blockchain technology that could be invaluable to the energy sector.
As things stand, MATIC looks to continue its positive price action as the AI price prediction algorithm has predicted even more upside in the coming days. A five-day forecast of +27.51% is followed by a three-month forecast of +136%, showing that MATIC has gained major bullish momentum heading into the new year.