OEL Foundation, a revolutionary approach to record keeping, sales and transport, is set to change the market. The foundation recognises that most delivers to distributors and retailers are negatively impacted by the paper process and aims to change that.
OEL Foundation is set to revolutionize the transport and delivery industry with its new approach to enterprise logistics using blockchain technology. It is a non profit organisation providing governance and resources for the development of the Open Enterprise Logistics blockchain ecosystem and helps companies like OpenPort to build better solutions.
More information can be found at: https://oel.foundation
The site explains that the OEL blockchain ecosystem is comprised of the open source OEL Enterprise Architecture, OPN Token and members of the OEL Alliance.
It is fully optimised to satisfy four key criteria for logistics applications, offers low costs and consistent transaction speed for scalability, and data confidentiality.
Another aspect that sets the system apart is that it rewards data sharing, bridging the gap between the physical supply chain and the decentralized ledger.
Using the power of blockchain technology, it can change supply chain finance and logistics worldwide, solving a number of problems and challenges within the industry.
The team behind OEL Foundation explain that paper based systems of record keeping leave the door open to proof of delivery disputes and delays in the payment cycle. What’s more, there is often zero visibility for any of the parties involved.
On the other hand, using an open source protocol, a foundation is provided for distributed applications that connect shippers and transporters with the very best in trust, traceability and accountability.
OEL Foundation states: “It further enables micro-reward schemes to incentivise data sharing by supply chain participants operating beneath layers of sub-contracting, providing an irrefutable record of shipment events available to all.”
It adds: “This enables participants to know exactly what was delivered, when and by whom, and to connect the movement of goods with payment for improved cash flow.”
Through the power of blockchain technology, digital documents can be presented for faster approval and the whole system is more transparent and secure. Full details can be found on the URL above.
