OpenPort’s OEL platform and logistics protocol for blockchain enables secure, end-to-end supply chain tracking and monitoring from raw material to customer. Our solutions are focused on three core benefits.
Security and Trust
- A validated, consensus-driven and immutable public ledger with the ability to encrypt sensitive data for shipment tracking and event reporting reinforces the credibility of our ‘breadcrumbs’ technology and provenance, answering the question “exactly what got delivered, when, and how”?
- Smart contracts on Ethereum mated to OpenPort’s ePOD process ensures the validity and provenance of digitized shipment documents. This realizes efficiencies for the whole supply chain by reducing paperwork required in document transmission, change of ownership procedures and customs clearances.
Speed and Cost
- 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 immutable ePOD triggers payments from retailer to shipper and shipper to transporter, improving working capital. The result to the shipper is better rates and service, while the transporter receives faster payment and increased volumes.
Blockchain technology extends across borders and modes of transport, thus establishing OpenPort as a supply chain partner of choice for multinationals. OpenPort’s technology is already localized and supporting shippers and transporters across Asia. Further, a road freight solution to support the “first mile” of international shipments for US retail brands sourcing from China and India has been implemented. We can start where a customer needs us most, and scale across markets and mode of services with a common standard of business process and system integration.