White paper: Building the Blockchain Logistics Protocol
2.0 Blockchain For Digital Logistics
As a non-technical document, the purpose of this section is to outline OpenPort’s vision of using blockchain technology to complement and strengthen OpenPort’s disruptive business model, and to serve as a roadmap for the business process and future capabilities.
Blockchain, as a distributed ledger, and its supported infrastructure – smart contracts and tokens – enable radical business changes that mirror those of OpenPort’s OEL model:
- Eliminate reliance on intermediaries using blockchain to transmit orders, letters of credit, bills of lading and delivery receipts without the use of bonded couriers.
- Drive market efficiency, transparency and cost savings using an immutable and auditable public ledger for recording shipping documents and events and smart contracts to trigger payments.
- Facilitate fluid demand and supply side relationships, reducing reliance on brokers and clearing houses. (AffinityBlockChain, 2017).
OpenPort aims to maximize the benefits and opportunities provided by blockchain to further cement our position as the only ERP-integrated multimarket logistics and software provider in Asia.