Here’s How OEL Foundation Plans to Take Over the Shipping Industry!

Did you know that the logistics industry generates roughly 13% of the global GDP? It’s also safe to say that such a tremendous market share will not stop anytime soon, in fact, studies show that by 2021 the B2B shipping market will reach 15.5 trillion USD. However, this large industry is not devoid of issues, the lack of secure chain control especially when passing through less developed areas can drive the cost considerably!

Not to mention the ever-present risk of theft or product damage that incurs costly insurance policies. With the help of a disruptive technology stack, these issues might be solved sooner than later!

The Open Enterprise Logistics Foundation, stepping up the worldwide supply chain!

You might ask yourself how a non-profit organisation can provide resources and governance models for the multi-billion industry that is global shipping? Well, you are about to find out! The Open Enterprise Logistics Foundation or in short OEL is building a worldwide infrastructure based on the blockchain architecture to reduce cost and streamline the processes of the shipping industry.

Based in Hong Kong, a central hub of the global shipping market, OEL is backed by veterans of the industry that know the ins and outs of the current state of the market. The ecosystem is built to address four key areas that are critical to the current market conditions, and these are the following:

• Scalable transaction speeds and consistent low costs
• Enterprise-grade data security systems
• Incentive model for data sharing between the traditional supply chain and the blockchain
• Open and transparent governance models to ensure standards for all members

OEL plans to remove the current paper-based system that plagues the worldwide supply chain with inefficiency and high-cost operations. By adopting a commonly shared enterprise system based on the blockchain, all participants would benefit significantly as OEL can solve the majority of the current issues of the industry.

The top benefits of using the OEL Ecosystem

1. Removing the paper plague!
   By removing the reliance on third parties to transmit orders, bills or receipts, OEL will increase the productivity of the participants immediately as all of these paper-based orders will be automatically stored on the blockchain using the smart contracts technology.
2. A trustless environment that assures liquidity
   The distributed ledger architecture will also drive market efficiency and the necessary liquidity to implement micro-reward systems and trigger automated payments on delivery.
3. Removing third parties and intermediaries
   Another advantage of the decentralised architecture would have to be the full bypass of intermediaries and brokers that overburden the current rising prices practised in the industry.

Should you be interested in participating in this project early on, you can do so by purchasing OPN tokens which are pegged to 0.50 USD per OPN token. The team is looking to raise $4 million as their soft cap and $15 million as their hard cap, a more than reasonable sum for a project that wants to take on a multi-trillion dollar industry.