OpenPort announces launch of OEL Foundation to promote blockchain innovation in the supply chain

OpenPort, the digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets, today announced the launch of the Open Enterprise Logistics (OEL) Foundation, a non-profit organization open to enterprises in the supply chain and logistics industry.

The Foundation is committed to providing governance, development, and open source collaboration for the OEL Protocol and is preparing for its token generation event (TGE) which is set to commence later this year. OpenPort will provide vendor support and assist the Foundation with development, administrative and marketing efforts however the OEL Foundation will have an independent board.

Commenting on the announcement, OpenPort Founder and CEO and member of the OEL Foundation Board of Directors Max Ward said, “The launch of the OEL Foundation represents a significant milestone on our journey to be at the forefront of the blockchain-powered logistics space. By providing a neutral platform for the development of a community-led blockchain protocol, the OEL Foundation supports a shared mission among its members and aims to foster a spirit of collaboration and innovation within the supply chain industry.”

The Hong Kong based foundation will provide independent governance and resources for the development, promotion, and adoption of the open source OEL Protocol within the global supply chain industry. The OEL Protocol is a smart contract platform with a notarized Proof of Stake consensus mechanism, optimized to reward data sharing, ensure low costs and consistent transaction speed, data confidentiality, and facilitate open, collaborative governance.

Paul Good, CEO of BSA Logistics said, “As the first independent board member of the OEL Foundation, I firmly believe that industry collaboration is crucial for long-term success and the implementation of sustainable and more efficient practices in the supply chain. I’m anticipating interesting and innovative work in the months and years ahead and encourage the global logistics community to get involved.”

The OEL Protocol is powered by the OPN utility token. The Foundation will host a TGE over two public phases conducted later in 2018 and 2019. With a hard cap of $15 million USD, the first phase will be for an ERC20 token, with 1-1 parity to the OPN token which will be issued upon launch of the main net in the second phase.

“The OEL Foundation is dedicated to serving as an objective, supervisory and educational body for the OEL Protocol. The upcoming TGE will enable the development of the protocol and supporting infrastructure. We look forward to welcoming enterprises and logistics operators who share our vision for a more transparent, efficient, and cost-effective supply chain space,” concluded Ward.