Accelerating Payment with OPN
Digital payment via OPN tokens, made upon fulfilling the conditions of the smart contract and successful ePOD, will drastically accelerate the payment cycle to the benefit of all parties. This same digital currency – the OPN token – fuels smart contract validation, and distributes micro-rewards to participants in the supply chain for data.
OPN acts as a currency and store of value within the OpenPort ecosystem, and can be used for fast payment of transport services secured by smart contracts and managed by the protocol. It also gives rights to holders, as shippers, transporters and other third parties need to hold a minimum of one token to access the platform. It further serves as fuel for smart contracts, as the fees paid to miners for writing to the blockchain are paid in OPN.
Payments and clearance processes are facilitated because supplier terms, letter of credit, trade finance and ePOD triggered payments are all contained in smart contracts. Cash flow is vastly increased via a digital currency off-ramp as the smart contract triggers payments from retailer to shipper and shipper to transporter, improving working capital.
Micro-Rewards and Irrefutable Transparency
Smartphones are a cost effective and ubiquitous tool not only for confirming driver identity, but for gathering a wealth of event-driven data from the truck. However, usage of this technology needs to be incentivized. To encourage adoption, OpenPort will reward individual drivers with OPN under a micro-reward scheme (estimated at 1% of the transport revenue) on these required events:
- Phone powered on with GPS enabled during transit
- Delivery and use of ePOD (highest reward)
- Handling exceptions accurately, digital signature for SKU level adjustments
- Confirming availability for new marketplace loads
- Accepting new bookings