OEL FOUNDATION: An Open Source Decentralised Infrastructure for Logistics Applications
Society has advanced more in the past several decades than it has in a millennium. Despite all our technological and societal advances, we struggle to overcome some of the same fundamental challenges -global poverty, disease, and the distribution of wealth and power, to name just a few. Crypto-currencies have developed over the last few years, and have grown from a concept to a relatively stable investment for many. With the rise of a small number of big tech companies and governments using technology to watch their citizens, many people now believe technology only centralizes power rather than decentralizes it. There are important counter-trends to this like encryption and cryptocurrency that take power from centralized systems and put it back into people’s hands. Humanity has a long way to go.
Before i proceed lets take a look at this short video
A non-profit organisation providing governance and resources for the development of the Open Enterprise Logistics blockchain ecosystem. This Foundation for Blockchain-Powered Logistics has helps companies like OpenPort to build better solutions.
To remove this burden through the adoption of a common, shared, and open source enterprise architecture utilising blockchain technology.
In many markets, a large percentage of logistics for road transport is handled by brokers known as “3PLs” (third party logistics providers, sub-contracting services) or “4PLs” (fourth parties used to manage 3PLs). When a truckload of toiletries arrives in an Indonesian town, for example, that shipment has already gone through three or even four iterations of handling by sub-contractors. The person performing the actual delivery to the consignee at the end of the supply chain could be the owner or operator of an individual van or truck. These transporters typically do not have IT systems for recording data on their shipment and rely on manual processes. The result is that transfers are made througha fragmented base of outsourced transportation providers without real-time tracking, limiting the visibility of shipment events for the shipper.
Manual Process & Physical Records
Without an integrated platform from shipper to consignee, an extensive manual paper trail is required, which slows the payment process for all parties. Proof of Delivery (POD) is made by paper records, which creates a ‘shadow credit’period during which the shipper cannot invoice the retailer, and the transporter cannot invoice the shipper. This shadow credit period can easily extend beyond 10 days in emerging markets, affecting the working capital of transporters. Paper records are also open to dispute, which adversely affects customer satisfaction and further delays the flow of cash between shippers, retailers, and transporters.
Liquidity & Cash Flow
Lacking the means to provide verification of transactions and shipment events makes it difficult to ensure the complete and intact delivery of goods. The result is a cash-squeezed supply chain addled by inefficiency, lack of liquidity, and revenue loss.However, if the occurrence of that transaction is irrefutable, and the records contained in the decentralised ledger are available to all parties involved in the exchange of goods, then an immutable audit trail is created. A liquidity provider, such as a financial institution or insurance company, would then be likely to offer favourable rates to a transporter who factored their invoice, or to a shipper who has invoiced a consignee.
The Foundation aims to empower the transport industry by moving paper-based and off-ledger digital records onto the blockchain. Through distributed ledger technology a shipment related entry becomes immutable, providing an indisputable record of the freight’s history linked to a digital agreement — a smart contract. 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.The Foundation is driving development of a decentralised infrastructure to meet the challenges of transport management.
The blockchain-based ecosystem of OEL Enterprise Architecture, OPN Token, and Alliance members enables and supports distributed applications (dApps) that leverage irrefutable shipment data. Supply chain stakeholders gain the ability to cut through complex layers of sub-contracting by rewarding the sharing of data though micro-reward incentivisation, and to leverage immutable proof of shipment events to drive cash flow.
The OEL Enterprise Architecture drives development of logistics solutions for supply chains, with an initial focus on transport management. The potential impact of blockchain on the enterprise transportation industry is significant. Implementation of the Enterprise Architecture will make blockchain applications real, accessible, and functional for all parties in the supply chain. With network participants incentivised to share data, service levels and accountability improve. The transparency and trust introduced into the resultant blockchain-driven transport ecosystem enables acceleration of payments, from the multinational manufacturer and shipper, down to the consignee acquiring the goods, to the local transporter delivering those goods to remote storefronts. Improvement of service levels and acceleration of payment cycles will drive profitability and create liquidity. The benefits of such an ecosystem are to:
Eliminate reliance on intermediaries by using a blockchain to transmit orders, letters of credit, bills of lading, and delivery receipts without requiring bonded couriers.
Drive market efficiency, transparency, and cost savings using an immutable and auditable public ledger for recording documents and events, while utilising smart contracts to trigger payments and micro-rewards.
Facilitate fluid demand and supply side relationships, reducing reliance on brokers and clearing houses.
OEL Foundation Alliance
The OEL Foundation Alliance will be comprised of stakeholders in the supply chain industry; from multinational brand owners and manufacturers, to freight forwarders and third-party logistics companies (3PLs), transporters, and retailers. The OEL Foundation Alliance will also encompass ancillary service providers — technology providers, developers, and financial services for the supply chain industry.
Alliance members are involved in the conceptualisation, development, and implementation of blockchain applications using the OEL Enterprise Architecture, with the goal of making blockchain applications real and actionable for stakeholders.Membership in the OEL Foundation Alliance comprises three tiers, to be as accessible as possible to all, while acknowledging those organisations who wish to contribute material resources.
Have access to the information produced by the Foundation, and to production ready applications.
Have quarterly access to the development team, along with access to software development kits (SDKs) and beta releases for early stage blockchain applications.
Enterprise Council Members
Influence the direction of development of the Enterprise Architecture, and can co-author articles, studies, and other content released by the Foundation. They receive the same full technology access as Premium members.
OpenPort, the commercial entity contracted by the Foundation to provide development and administrative support for the OEL ecosystem, was incorporated in 2015 and has achieved over USD 500k in monthly revenue across four Asian markets, providing digital logistics solutions for some of the largest consumer goods companies in the world and the global 3PLs managing their supply chains. OpenPort and the Foundation are currently operating a private blockchain network which supported the blockchain-enabled proof of delivery, micro-rewards and invoice factoring pilots successfully executed by OpenPort in early 2018.
The Foundation will leverage OpenPort’s existing client base, experience, and knowledge gained through these pilots to design, build and implement the OEL Enterprise Architecture with understanding and access to the real-world requirements of enterprise logistics.
The OEL blockchain ecosystem is comprised of the open-source OEL Enterprise Architecture, OPN Token and members of the OEL Alliance.
OEL Foundation dApps (Foundation and third-party use cases)
Dashboards and BI tools
Smart Contract DSL
Role Based Authorisations
Client on-boarding Wizards
The OPN Token fuels smart contracts and powers a new way to move goods and payments through the supply chain with transparency and scalability. A utility token will fuel smart contract validation, serve as micro-rewards for sharing data to the network, and act as a point of access and stake on the network.
OPN Token is the utility token powering the OEL Protocol through four key utility functions: Smart contract validation
Micro-rewards and incentivisation, Point of Access, Staking . There will be two token generation events for the OPN Token (OPN), the first phase of the token generation event (TGE Phase 1) will occur in Q3 2018 and the second phase of the token generation event (TGE Phase 2) will occur in Q2/Q3 2019. OPN Tokens issued during the TGE Phase 1 will conform to the ERC-20 standard.
Token name: OPN
Maximum token supply: 100M Tokens
Price: USD 0.50 / token
Soft cap: USD 4 million
Hard cap: USD 15 million
USES OF PROCEED
30% of the proceeds will be allocated to developing and implementing the OEL Enterprise Architecture (hiring developers, service providers and infrastructure)
30% of the proceeds will be allocated to OpenPort as per the terms of service agreement to cover the services provided by OpenPort leading up to the token generation event and future services supporting the Foundation’s initiatives)
20% of the proceeds will be allocated to the OEL Foundation Alliance build out and marketing initiatives supporting the adoption of the OEL Platform
10% of the proceeds will be allocated to cover administrative and legal expenses
10% will be allocated as reserves for contingency
MEET THE TEAM
MEET THE AMAZING TEAM
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