The Logistics Application for Blockchain
Openport’s blockchain technology mates our real-world transport management systems to distributed ledger technology, allowing the transfer of ownership of physical goods to be recorded on the blockchain.
We use 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’. This ensures the validity and provenance of digitized documents. A universally applicable aspect of blockchain is that it enables more secure, transparent monitoring of transactions. With blockchain, the transactions between parties in the supply chain can be documented in a permanent and public decentralized record, creating transparency, security and trust.
Why Blockchain for Logistics is Needed
Transaction speed, transaction fees, the security of smart contracts and establishing a platform for long term development of logistics Dapps (decentralized applications) are the driving factors behind our protocol. The OpenPort network requires a processing time that supports high transaction volumes with low fees. Our protocol, fueled by the OPN token, gives us two essential benefits.
- Speed and Cost Controls: OPN allows better control of speed and lowered transaction costs in an industry where margins for transporters can be slim (less than 5%).
- Security: It is critical that these smart contracts be safe from external threats and that agreed rates and sales information be kept confidential and secure – a blockchain with proprietary tokens optimizes this security and reduces risk of improper data access.
The network will handle a large volume and high velocity throughput of logistics data gathered from connected smartphones, temperature and container mounted status devices, and truck mounted GPS devices, and will enable OpenPort to execute various business rules around the following key actors and their actions in the network such as:
Transporters & Truck Drivers
- Access an ad-hoc transport and fleet management system
- Share their fleet details, area of services, rates
- Share their location, equipment type, capacity, traffic data and point of origin and destination on the network
- Navigate shippers’ shipment requests and submit bids
- Receive detailed shipments orders from shippers (and/or transporters in case of sub-contracting)
- Record the different events of a shipment (assignment, pick up, transit, delivery)
- Generate irrefutable blockchain ePOD
- Navigate the network for available capacity
- Submit shipment requests
- Integrate ERP grade data for shipments procured through the network in a confidential and secure environment
- Receive irrefutable blockchain ePODs
Third parties, such as IOT provides, can integrate their data with smart contracts processed on the network. Examples includes GPS providers, temperature records, speed and braking feedback, door open and closing sensors, etc.