OpenPort announced the OEL Foundation, an organization dedicated to the implementation of blockchain-based technology for improved efficiency in in the transport management industry.
Blockchain-based digital logistics platform OpenPort announced its revolutionary Open Enterprise Logistics (OEL) Foundation, a non-profit organization dedicated to supporting the implementation of open-source enterprise architecture in the field of transportation management and supply chain enterprise logistics. Offering a secured and transparent means of exchanging value and validating transactions, their blockchain technology aims to address some of the most pressing problems in today’s paper-based enterprise logistics processes.
More information can be found at https://oel.foundation.
According to the OEL Foundation whitepaper, the current paper-based transportation and logistics management industry faces a series of important challenges. From high logistics cost and inefficient asset utilization to fragmented local distribution networks and inaccurate proof of delivery, the lack of transparency and security leads to significant financial losses due in large part to an inefficient management system.
By promoting the implementation of a blockchain-based logistics management ecosystem, OEL Foundation aims to revolutionize the current practices in the industry.
The benefits of the new technology include eliminating the need of intermediaries by using blockchain technology to send orders, bills and receipts, increasing savings by using an auditable public ledger for document and event recording, and improving the fluidity of the relationship between the demand and supply sides by reducing the reliance on brokers.
The OEL Protocol will be powered by the OPN Token, a utility token which will facilitate transactions, smart contract validations and micro-incentives. The OPN Token roadmap, as well as more information on the OEL Foundation and Protocol, can be found at
https://oel.foundation/assets/whitepaper/oel_foundation_whitepaper_v1.0.pdf.
An OpenPort spokesperson said: “With paper records as the de-facto standard, the Foundation aims to empower the transport industry by moving paper-based and off-ledger digital records onto the blockchain. The OEL Foundation is committed to enabling logistics players across the transport industry to blockchain-enable their technology, bringing the benefits of the distributed ledger to as many participants as possible.”
Interested parties can find more information by visiting the above-mentioned websites.
