At OpenPort, we have committed ourselves to solving one of the biggest challenges in the modern supply chain – the cash flow problem. Proof of Delivery (POD) is typically made by paper records, which are slow and open to dispute, affecting customer satisfaction and delaying the cash flow between shippers, retailers and transporters, impacting their ability to operate healthy businesses. With paper POD as the de facto standard, we are changing the industry through the adoption of electronic records.
We are already doing this today, with our digital ePOD (electronic proof of delivery) being used to improve cash flow for clients across Asia. Now, we are using blockchain technology in our ecosystem to create an immutable ePOD with an indisputable record of the freight’s history, linked to a digital agreement – a smart contract. Digital payment via OpenPort’s token (OPN), made upon fulfilling the conditions of the smart contract and successful ePOD, which drastically accelerates the payment cycle to the benefit of all parties.
OpenPort leverages our technology to transform domestic and cross-border distribution by creating a direct, transparent relationship between shippers and transporters through our Open Enterprise Logistics (OEL) model. Fitting neither the industry conventions of “3PL” (third party logistics provider, subcontracting services) nor “4PL” (a fourth party used to manage 3PLs), OEL means distributed technology that can be accessed by any transporter.