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Thursday, June 21, 2018

Delivering Blockchain: The OEL Foundation ICO...

The supply chain industry of the future is all but guaranteed to run on blockchain. Shipping, processing, record keeping, and cash flow are such major points of inefficiency in current systems that it’s hard to imagine the world of crypto not playing a significant role. One could argue that blockchain itself is just a digital supply chain. All transactions waiting in neat blocks for the appropriate hash before moving to designated wallets, like miniscule delivery trucks lined up at weigh stations. A quaint analogy for a $6 trillion monster industry.

The Open Enterprise Logistics Foundation, or OEL, is a ICO from Hong Kong proposing a new blockchain ecosystem for global transport management. According to OEL, a full one percent of top-line revenue is lost due to lack of security, product damage, and late deliveries caused mainly by an obsolete system of manual input and paper tracking methods. This drives up the cost of transport, hitting developing economies the hardest but taking a toll on the entire GDP.

Their plan is to replace the paper trail with an immutable blockchain ledger. Bills and receipts will be handled electronically. The new OEL system will bring transparency to documentation and employ the use of smart contracts to processes payments. The use of this new communication tech would remove middlemen; currently all transport supply is conducted by 3rd or even 4th party businesses. The blockchain would create independence from these brokers.

If you follow cryptocurrency applications at all, you’ll know that this isn’t a new idea. Major players in supply chain tech include ERC-20 giants VeChain, Walton, WaBi and more. However, these projects do have their differences. VeChain, while undoubtedly a logistics provider, so far has been focused on specific products such as cars, liquor, and medicine. WaBi is known for taking on the counterfeit black market, and Walton focuses on data integrity and traceability. At least from a marketing standpoint, OEL’s main concern is in shipping and tracking, with heavy emphasis on logistical infrastructure, RFID hardware, and networking software.

They do have a working product. Or rather, they have a veritable proof-of-concept in a business known as OpenPort. OpenPort, in early 2018, used OEL’s blockchain-enabled proof-of-delivery delivery system to confirm the first automatically tracked shipment for a client, demonstrating the efficiency of their new technology. While this utilized a private blockchain, the OEL Foundation plans to use this real-world experience to build the OEL Enterprise Architecture as an open-source network for other businesses while leveraging OpenPort’s existing client base.

The token specifics are what you would expect from an ICO in 2018. The OPN utility token, an ethereum ERC-20, will be available for public sale as soon as Q3 of 2018. Mainnet launch is slated for Q2/Q3 of 2019. Like VeChain, ODN will have a staking rewards system for investors, so expect a dedicated wallet launch in the 2nd half of 2019.

For more info on token rewards, governance, or how to whitelist and invest, visit https://oel.foundation
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Author: Vincent Russo
Los Angeles News Desk