OpenPort ICO - Review
"At OpenPort, we have committed ourselves to solving one of the biggest challenges in the modern supply chain – the cash flow problem. Proof of Delivery (POD) is typically made by paper records, which are slow and open to dispute, affecting customer satisfaction and delaying the cash flow between shippers, retailers and transporters, impacting their ability to operate healthy businesses. With paper POD as the de facto standard, we are changing the industry through the adoption of electronic records." (Website)
Main Positives
OpenPort is already working with large multinational companies such as Nestle, Colgate, and Unilever. Currently, their focus area is in India, Pakistan and other countries in South-East Asia. They have plans to expand in the Middle East in the close future.
They want to create their own Blockchain because their developers realise that the Ethereum Blockchain cannot handle the informational load needed for OpenPort to become prevalent. Furthermore, what sets them apart is that in order for the node-runners to be eligible they need to either run a company operating in the logistics field, and/or be partners. This ensures that the node-runners are actually part of the ecosystem for the right reasons.
The team is very strong and they have extensive relevant experience in logistics. Since the logistics market is very rigid to change, this will be a massive bonus since they already have an established network within the industry and can find the right puzzle pieces in organisations in order to help them make OpenPort’s vision come to life.
Main Negatives
With a total hard cap of around $30M. (+- $5M.), this is on the higher side compared to what their competitors asked for in the past.
As of 13/02/2018 there is no hype for this project and exposure for it is very minimal. Since OpenPort’s ICO is in the early stages, they plan to start PR campaigns, events, air drops, and direct community management, in the upcoming two weeks. Hence, the exposure for this ICO should build up nicely over the weeks and months.
Team Highlights
Max Ward (CEO) - Previously the Vice President of Business Development APAC at Agility Logistics and the Head of Consumer Retail Asia at DHL, and the Vice President of Panalphia. Max has over 10 years’ executive business development experience with leading logistics service providers in Asia, solving board-level supply chain problems for multinationals.
Morten Domgaard (COO) - Morten has further executive experience as the Senior Director for North Asia at Damco, and as a Director and General Manager for Maersk Logistics, with executive education from the Columbia University Business School. He was also the CEO of Agility in South-East Asia.
Hans Hickler (Board of Directors) - He was Chief Executive of Asia Pacific for Agility Logistics, where his responsibilities spanned more than 20 countries, over 7,000 employees, and where he served on Agility Logistics’ Global Management Board. He also served as CEO of DHL Global Customer Solutions, CEO of DHL Express USA, and CEO of APL Logistics, serving on the global boards of both DHL and APL.
The Wrap Up
Flip: Medium | Long-Term: Good
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The information provided is not to be construed as financial advice in any shape or form. You are strongly advised to conduct your own research before investing. As an investor, you are solely responsible for your actions. I cannot be held liable for any losses you may make. This information is simply my view and opinion on the subject.