OEL Foundation Seeks to Put an End to the Problems a Paper-based System Poses to Proof-of-Receipt Enterprise Transport Using Blockchain Technology
The world's economies were based on the foundations of domestic and international trade. To this day, global business contributes immensely to the GDP of countries everywhere. According to research by the World Bank in 2016, over 13% of the worlds Gross Domestic Product (GDP) hinges off this trade.
Business to business retail also represents a monumentally profitable area; with transactions equating to over $15.5 trillion by 2021. But while these statistics are incredible, the whole industry of trade and enterprise transport is beset by systems that are increasingly anachronistic.
While countries like the US can shrug off the nominal losses to an otherwise massive net gain from trade. Developing countries, according to OEL, are in no such position to just shrug off a financial loss.
The lack of direct control over the logistics of supply like shipping destinations, timetables and even a lack of systems to maintain a constant measure of inventory mean that developing countries can end up racking up fines that could have been avoided with a smarter system.
A smarter system is precisely what OEL wants to make readily available to these countries. With their open-source Enterprise Architecture, the system provides developing nations with a step up in improving their transit system.
OEL's system provides users with greater support in shared-use cases allowing members to collaborate and incentivize innovation.
But why blockchain? The decentralized nature of it, coupled with its high level of security ensures companies in developed nations have access to a highly secured system of storage. Providing them with a method for keeping track of vital transit services. Areas such as inventory management including real-time transit tracking.
As a proof-of-stake blockchain, the OEL Enterprise Architecture is optimised across four key criteria:
- Low costs and consistent transaction speed – For scalability
- Data confidentiality – For enterprise-grade applications
- Rewarding data sharing – For bridging the gap between the physical supply chain and the decentralized ledger
- Open collaborative governance – For ensuring standards required of all participants in the supply chain
OEL's Enterprise Architecture is powered by the ‘Open' (OPN) Token, which acts as a utility token providing the following roles within the system:
- Fuel smart contract validation – Validation by nodes under a nPoS mechanism
- Micro-rewards – To incentivise and reward active and passive data-sharing by participants in the supply chain
- Point of access – To manage authorization, participants require a given number of tokens to push, be party to or receive information on the network
- Proof of Staken – PoS is required to run nodes and confirm identity
OEL's investors wait for the introduction of Token Generation Events. Both of which are scheduled between late 2018 and early 2019.