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.
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 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.
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Basically, the Open Enterprise Logistics Foundation is just a fancy name for the startup incubator located in Hong Kong. It looks shady as hell because I can't access their website or find any reliable info about this project online. It doesn't matter anyway, because even if OEL hasn't ceased its operations, as it apparently did, this initiative would crash and burn as no one would pay attention to such a vaguely presented idea.
Dwayne October 2, 2019 Reply
I believe this project to be a scam because I couldn't find any information about Open Enterprise Logistics in the LinkedIn profiles of its "founders and team members", particularly Nicolas Husson, Morten Andersen, and Max Ward. Although the first two of them are involved with the project called OpenPort that has a concept similar to the one of Open Enterprise Logistics. It accelerates the cash flow in the supply chain, and operates in Asia. Or maybe they have re-branded because the Twitter account of the OEL Foundation has been dead for nearly a year.
Daniel August 12, 2019 Reply
The project has a good vision, but as we stated before - there are many similar ones aiming to achieve the same, meaning that OEL is by no means unique. Still, despite the competition, there is a possibility that OEL might come up with an approach that is better, and that no other team has considered it in the past, although the possibility is not very strong. It has a decent team, although not that many advisors, which might be something that they should look into further.
Farrel August 7, 2019 Reply