Open Enterprise Logistics (OEL) ICO Review: Open Blockchain Logistics Solution
The Open Enterprise Logistics (OEL) Foundation is a Hong Kong based non-profit organization that provides Blockchain technologies for enterprise logistics application.
Earlier, enterprises in the transport industry maintained logistics, which were mostly paper-based. There were several challenges in the process. The paper-based record keeping system often led to delivery disputes, delay in payment and cash flow, traceability issues, lack of transparency and trust in the system. This led to lot of discrepancy among the shippers and the transporters.
OEL Foundation aims to provide supply chain transparency by validating the transactions and also by managing the movement of goods in a secure and traceable manner.
How does OEL work?
The OEL Foundation will enable Blockchain based distributed ledger technology to meet the present constraints of the transport industry. All the records will be linked to smart contracts which will prevent any tampering of the records. The logistics and implementation of the OEL Program is based on the following features.
The OEL Enterprise Architecture: It is a platform which delivers products and services to the OEL members and the industry at large. It lays out the protocol to understand the company infrastructure, policies, technicalities and its product and services. Layers laid out by the OEL Architecture are the OEL Logistics Platform consisting of tools and architecture framework like smart contracts, dashboard etc, the OEL Protocol and the OEL Network.
Key Features of OEL Architecture:
- Scalability: The platform ensures a consistent transaction speed with minimal cost that offers scalability.
- Data Security: It offers full security and privacy of the data of the users and abides by the guidelines of Global Data Protection Regulation or GDPR.
- Transparency and trust: The OEL ecosystem serves as an open platform ensuring trust and transparency to all the parties of the market.
- Reward system for data sharing: It rewards the parties of the supply chain for sharing their supply data and location by giving them OPN tokens (OEL Foundation ICO Token).
OPN Token: The OPN or open token forms the integral part for all OEL transactions. OPN will be used in smart contracts, encourage network participants by paying them rewards and also to manage the network.
The OEL Foundation Alliance: The OEL Foundation Alliance will cater to the needs of the development and implementation of the logistics application and provide technical solutions to its users. It will regulate the transport management by ensuring transparency, liquidity and regular cash flow in the supply chain. It will also keep track of the movement of goods and eliminate disputes regarding proof of delivery by providing maximum security.
Benefits of OEL
- The system ensures total trust and transparency in the supply chain.
- The open source Blockchain technology will keep indisputable record of all the events starting from pickup to delivery.
- An open port supply chain which is easily traceable thus one can know exactly where, when, what and to whom the goods were delivered.
- The micro-reward system for sharing information regarding data will ensure more participation and quality among the participants of the supply chain.
- A trust is built between the shippers, transporters, enterprises and the other market participants through a common platform.
- A continuous cash flow and liquidity in the market is ensured.
- Smart contracts will ensure timely payment and cash flow in the supply chain system.
Open Enterprise Logistics (OEL) ICO AND OPN Token:
- Token: OPN
- Pre-sale Price: 1 OPN=0.50 USD
- ICO Price: 1 OPN=0.50 USD:
- Platform: Ethereum
- Token Type: ERC20
- Available for sale: 32,400,000 OPN (32.4%)
- Soft cap: 4,000,000 USD
- Hard cap: 15,000,000 USD
- Country: Hong Kong
The funds raised by the OEL Foundation will be used in development of the Enterprise Architecture by hiring more skilled developers and service providers. A part of the fund will be used to develop the infrastructure and also taking care of other legal expenses and contingencies. The OEL Foundation aims to provide a more cost-effective, transparent and efficient supply chain system in the near future.