Blockchain technology continues to change and to help launch new platforms every day, by facilitating different services in almost all sectors of the world. It is already known that cryptocurrency has already made its way into the financial mainstream. For instance, recently, a Hong Kong based foundation has launched a blockchain network to create innovative technologies that will develop smarter enterprise logistics applications. We are talking about the launch of the Open Enterprise Logistics (OEL) Foundation, a non-profit organisation that aims to change the game in the supply chain and logistics industry.
What is OEL and what does it do?
More specifically, this foundation will contribute to the empowerment of the transport industry, which is currently all paper-based. As transport represents one of the most important sectors in the world’s economy, the mission of OEL is incredibly relevant to the problems addressed by this project. There are a few significant factors that are currently making this sector inefficient. The delivery process has been negatively impacted because of delays, disputes and disagreements, all mainly because of the paper process. The transport field certainly needs a more transparent and cost-effective platform to solve the fundamental problems of goods distribution globally. For this reason, OEL is working to provide a smarter system that will help countries to remove the burden.
At the base of OEL Foundation, there are three essential elements: the open-source OEL Enterprise Architecture, the OPN token, and the OEL Alliance members.
Regarding the logistics solutions, the OEL Enterprise Architecture is used to meet four essential needs:
- Low costs and consistent transaction speed
- Data confidentiality
- Rewarding data sharing
- Open, collaborative governance
The OEL Alliance
The Members of OEL Foundation Alliance hold stakes in the supply chain industry: multinational brand owners, manufacturers, transporters, retailers, technology providers, developers, etc.
General Members: have complete access to the daily work and information stored on the blockchain
Premium Members: early access to blockchain applications, beta releases and quarterly access to the development team.
Enterprise Council Members: they can have an opinion and can influence the direction of development of the enterprise like co-author articles, studies, and other content released by the Foundation. They will also receive the same access to technologies as Premium members.
Moreover, because of its decentralised nature, Blockchain ensures a high level of security for storing, providing companies from various nations with a method of keeping track in real-time.
OPN Token
Like any Blockchain powered platform, OEL Foundation has its own utility token, called OPN. The OPN token is an ERC20 standard token, which will be sold during the ICO phases, at the price of $0.5 per OPN. The OEL's investors wait for the announcement of Token generation events, both of which are expected to happen between late 2018 and early 2019.
Wanna find out more about this project? Check out the official website at https://oel.foundation/ or follow the Foundation’s blog at https://medium.com/oel-foundation.