What Is Planport?
PlanPort is blockchain-driven project that aims to transform the supply chain, particularly the procurement industry. The crucial nature of this sector is the reason behind the formation of PlanPort.
Problems Planport Seeks To Solve
Presently, businesses are subjected to a long and tedious procurement process, usually marred by many intermediaries. Moreover, it is imperative to undergo these procedures, lest they disrupt the supply chain, incur losses, suffer reputation damage, and so on. Despite the intensive demands of the procurement process, the industry lacks a competent solution to this problem.
While the procurement industry is worth a whopping $9 trillion, it has its fair share of shortcomings. These are:
Currently, the market lacks adequate electronic procurement mechanisms. Surprisingly, a significant number of logistics’ companies still favor the obsolete manual records, an aspect that slows down the processing of transactions.
Ineffective Payment Systems:
As of now, businesses that trade across international borders are subjected to costly and inefficient payment systems. Consequently, they lose considerable portions of their gross profits to platforms that offer such services. Furthermore, the amount of paperwork involved in such transactions often requires a lot of time to procure and validate.
Due to the stringent regulatory measures and other challenges, it is usually difficult to find a lasting partner in the procurement business. In the instances where business partner up, contracts are usually breached.
In the procurement world, business usually pay long after the goods have been delivered this significantly affects the flow of cash within the sector, and to extent impacts on the reconciliation of payments by the suppliers.
The Planport Blockchain Supply Chain Network Solution
PlanPort will implement the following to provide a solution to the issues as mentioned above:
Intuitive And Smart RFx Manager:
PlanPort will focus on user-friendliness and simplicity while designing this procurement platform. The resultant system will be usable to everybody.
Each transaction on the PlanPort platform will be governed by a smart contract. Essentially, the contract will only be executed when a certain set of conditions are met. PlanPort contracts are based on the Ethereum blockchain.
PlanPort will facilitate a direct peer-to-peer connection between suppliers and business. As a result, these two parties will have a consensus on when payments and deliveries will be made. This eliminates the problems regarding reconciliations and the flow of cash.
The PlanPort smart contracts system will automatically award points to users. These points will build a user’s reputation, and a redeemable for a variety of features such as higher discount rates, payment incentives and trading with top-rated suppliers.
Planport PLAN Token ICO Details
The details of the ICO are yet to be made public.
- 44% – contributors
- 22% – presale
- 18% – team
- 6% – advisors
- 4% – bounty
- 28% – foundation reserve
Distribution Of Funds:
- 20% – research and development
- 10% – legal
- 10% – marketing
- 60% – product development