October 18, 2018. OpenPort, a multinational digital logistics provider in Asia recently secured a partnership with the Fr8 Network, a blockchain project that focuses on logistics protocol. The two blockchain-powered projects aim to revolutionize the logistics industry by improving its efficiency, costs, visibility, and shipment control.
OpenPort seeks to replace the traditional paper-based system and change it with digital ePOD (electronic proof of delivery). The company recently completed a trial run in the Philippines. In order to promote and convert carriers into using the technology, the company will pay a micro-incentive fee to drivers every time they use it. Also, since the ePOD will need a smartphone for delivery verification, OpenPort also loaned a smartphone for free. This phone can be purchased by the micro-incentives that the drivers can earn.
The partnership with Fr8 Network will make all the records on the ePOD, like the shipment’s history, indisputable. This will also create an opportunity to use smart contracts for settlement. In addition, the micro incentives the drivers will get will use Fr8 Network’s native token, FR8.
“OpenPort is using decentralized ledger technology, including the Fr8 Protocol, to deploy irrefutable confirmation of goods delivery across enterprise supply chains in Emerging Asia. Whereas supply chain finance on paper-based model takes weeks to process at high costs of capital, with the help of our partners we can now pay suppliers in days.” — Max Ward, CEO OpenPort.
According to Fr8 Network’s Co-Founder and Tech Lead, Mr. Sloane Brakeville, this partnership will “drive significant platform adoption of the Fr8 protocol”. He added that as an early participant, OpenPort will be “influential in collaborating on Fr8 Protocol’s development roadmap.”
OpenPort has clients such as Procter & Gamble, Unilever, Colgate, Nestlé, Union Bank, etc. As current clients of OpenPort, these companies will seamlessly integrate the blockchain technology into their present logistics products.
It is also previously reported that a client of OpenPort sold Acudeen’s first blockchain-enabled invoice in just two hours. The invoice was reported to be worth Php 377,384 and was purchased at a competitive price in just two hours versus the usual time of 21 hours when using traditional methods.
In the country, there is a Philippine-based shipping company, Shiptek Solutions, that launched its own blockchain-based logistics platform called XLOG. According to its Founder and CEO, Mr. Eugenio Ynion Jr., his company wants to disrupt the logistics and shipping industry not just by digitizing it, but also by putting it on a logistics blockchain-platform. The XLOG will upload all data to the blockchain. By doing this, it will eliminate data tamperings such as manipulation of information, be it misdeclaration or undervaluation.
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