Open Enterprise Logistics – ICO Detailed Information

For a long time now, the supply chain industry has been crucial in delivering goods and allowing merchants from all around the world to sell their products globally. However, the process was never very efficient, and there were numerous issues that we had no way of resolving before.

The enterprise logistics was, and still is, the area that is particularly burdened by an unreliable, and mostly manual paper-based process. The result is the absence of transparency, as well as the lack of security and trusted information. What comes out is more than favorable, as there are often cash flow delays, payment disputes, disappearing merchandise, and not to mention issues like smuggling.

All of these problems affect everyone involved, including merchants, shippers and transporters, as well as the buyers. However, in the last few years, our technological breakthroughs brought the solution in the form of blockchain technology.

Blockchain is capable of storing tremendous amounts of information, it is secure, immutable, and optimal for managing the movement of goods in a traceable, safe manner. It was not long before its potential for the enterprise logistics part of the supply chain industry was discovered, and numerous projects started working on the best way of developing and implementing the new technology, particularly in combination with the Internet of Things devices.

One project that is working on using the blockchain's potential for bettering the supply chain industry is the Open Enterprise Logistics (OEL) Foundation.

About the OEL Foundation

The OEL Foundation is a non-profit organization that aims to provide resources and governance for the development of the OEL blockchain ecosystem. The ecosystem comprises the open-source OEL Enterprise Architecture, the members of the OEL Alliance, and, of course — their own token.

This is a global initiative that originated from Hong Kong, where it is also currently headquartered. The Foundation aims to promote this innovative technology, and show others its use in enterprise logistics, which is the area that it could significantly affect and improve, thus improving the entire supply chain industry simultaneously.

The OEL Enterprise Architecture includes a platform, protocol, as well as the network that would be used for delivering services and products for OEL Foundation Alliance members, as well as the industry as a whole. The alliance would include supply chain participants who would facilitate development, as well as the implementation of tech solutions to all of its members.

Finally, the project requires its own, native token, known as the OPN token, which will fuel smart contract validation, as well as serve as micro-rewards for data sharing within the network.

OEL ICO Details

OEL Foundation has yet to hold its token sale and offer its OPN token to the public. However, while the ICO was announced, the Foundation has not revealed its time and date as of yet. There is also not a lot of details known in regards to the ICO or the token itself, but we do know a few things.

For example, the token's name was revealed to be OPN, as mentioned. It is also known that this will be a utility token, which will fuel the network, and be used for smart contracts and as micro-rewards. It is known that it was developed on Ethereum's network, which makes it an ERC-20 token, although the Foundation is likely to transfer it to its own blockchain once it gets properly built.

The project revealed the token's price, as it is expected to be during its preICO and ICO, which is $0.5 per each OPN. The project also announced the soft cap of $4 million, and a hard cap of $15 million. Finally, it is known that the project was registered in Hong Kong, although there are no restricted areas that we know of at this time, which might change by the time the ICO itself takes place.

Author: Ali Raza for Crypto-Rating.com