OpenPort, the digital logistics platform using blockchain technology to transform domestic distribution in emerging markets, today announced that it joined the Blockchain in Transport Alliance (BiTA), the forum for the development of blockchain standards and education for the freight industry, whose members include UPS, FedEx, Penske, Schneider National, JD.com, Globaltranz, CH Robinson, and SAP.
“In developing regions, where the financial resources allocated for the movement of goods can reach as high as 25 per cent of a nation’s annual GDP, paper-based proof of delivery systems delay invoicing, impact working capital and open the door to disputes,” OpenPort founder and CEO Max Ward said. “For emerging markets experiencing economic growth, freight volumes are outstripping the capacity for efficient and cost-effective scaling, raising logistics costs. New technologies such as blockchain proof of delivery and tokenized micro-rewards for supply chain participants provide a clear solution.”
Delivering real-time status updates from tender through to the delivery stage, OpenPort facilitates lower costs, increased control, and improved cash flow. Already supporting many of the world’s largest shippers, including engagements with seven of the 10 largest multinational fast-moving consumer goods companies, OpenPort is Asia’s only multinational digital logistics provider. At present, OpenPort is facilitating direct, transparent relationships among parties in the supply chains of China, Hong Kong, India, Indonesia, Pakistan, and the Philippines.
Facilitated by the OpenPort OpenTM (transport management) software and Driver App, an application allowing truck drivers to use their phones to capture electronic proof of delivery (ePOD) and send shipment data during transport, OpenPort’s digital ePOD ecosystem was established in early 2017. OpenPort is now utilizing blockchain technology to create an immutable ePOD with an indisputable record of the freight’s history and plans to use micro-rewards to incentivize data sharing via its OPN token.
Founded in August 2017 and aiming to lead, develop, and embrace a common framework and establish standards from which industry participants can build revolutionary applications, the Blockchain in Transport Alliance has seen more than 250 companies join within the last six months.
In addition to joining the Alliance, OpenPort will be sponsoring Transparency18, a two-day event covering the digitization of trucking, 3PLs, modern supply chains, blockchain, IoT, and autonomous and electric vehicles. Attracting key industry players across the globe, including representatives of the largest Fortune 1000 companies, innovators, entrepreneurs, investors, startups, and forward-leaning market participants, the event is scheduled for May 22-23, 2018 in Atlanta, Georgia.
“Blockchain offers a truly revolutionary solution to the financial and ecological detriments that have arisen in traditional transport systems, and we are very excited to collaborate with companies that share our ambition of welcoming a new era of efficiency and transparency for the transportation industry as a whole,” Mr. Ward said.