As the cryptocurrency industry continues to boom, many of the teams in the Blockchain space are working tirelessly day and night to solve critical problems in the world through their platforms. In this article, we will shed some light on a project that intends to make a mark on a long list of Blockchain projects operating in the supply chain i.e. OEL.
Businesses around the world are heavily dependent on logistics and the transport required for shipping their merchandise and supplies between continents, countries and cities.
This supply chain is heavily dented by a number of problems. Firstly, there is a severe lack of security, especially in under-developed countries. This means the costs to distribute increase as goods are often lost and reach their wholesalers, retailers and eventually consumers late. The entire supply chain market is mostly managing all these complex processes through paper records, which are proving to be extremely ineffective.
In the end each stakeholder in the supply chain, from the manufacturer to the consumer, has to endure losses. An advanced solution is required that can deal with the intricacies of supply chain processes and ease up the tracking and management of goods.
What is the OEL Foundation?
OEL Foundation is using a decentralized platform called OEL Enterprise Architecture. OEL’s vision is simple. It aims to replace the paper-based procedures of the supply chain through the use of Blockchain. All the records of merchandise and supplies are stored on the Blockchain. This means each entry is immutable and cannot be modified and thus transparency is achieved in the supply chain. As a result, trust in the entire supply chain infrastructure grows and payments are processed quicker than ever.
Moreover, each item can be tracked as it travels from one location to another. All the stakeholders in the OEL Foundation will be given incentives as a means of encouragement to share information in the network.
Furthermore, another interesting aspect of OEL Foundation is its monitoring of a driver’s shift on the Blockchain. Each year, thousands of drivers in the industry are involved in accidents due to exhaustion and fatigue. The reason behind this sad reality is the absence of a drivers’ shift management. Luckily with OEL, drivers are safeguarded and their safety as well as reliability can be increased.
OEL has also released some real world applications. In May 2018, OpenPort completed the first Blockchain transaction. OpenPort has started using OEL’s technology to validate the delivery of a consignment. This verification does not require OpenPort to communicate unnecessarily with other entities in the supply chain space.
Platforms working on Blockchain cannot thrive without any backing . They need the support from the stakeholders of their respective industry. OEL Foundation Alliance with the OEL Enterprise Architecture combines to create the entire OEL blockchain ecosystem.
OEL Foundation Alliance consists of prominent names in the supply chain industry belonging to popular brands and multinational corporations. The Alliance will also be comprised of IT companies and financial organizations to help the platform evolve in all aspects.
The token of OEL Foundation is known as OPN Token. However, the tokens have not been generated yet. The process will be started in the third quarter of 2018, while the second phase is expected in the mid-2019. The token will be used for a number of applications.
Firstly, the smart contracts on the OEL Network will need OPN Token for transactional charges. Secondly, incentives will be given to entities who share data in the network. Contributors like drivers will thus be able to receive the token as they will update crucial details regarding goods. Thirdly, the token will be used by the entities in the platform as a means of access. Lastly, those who stake OEL will be awarded with significant rewards.
Find out more about the OEL Foundation here
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