OpenPort, the digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets, today announced that it has 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 percent of a nation's annual GDP, paper-based proof of delivery systems delay invoicing, impact working capital and open the door to disputes,” said Max Ward, Founder and CEO, OpenPort. “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.”
OpenPort facilitates support many of the world's largest shippers, including engagements with 7 of the 10 largest multinational FMCGs. At present, OpenPort is facilitating direct, transparent relationships among parties in the supply chains of China, Hong Kong, India, Indonesia, Pakistan, and the Philippines.
OpenPort is now using blockchain technology to create an indisputable record of freight’s history and plans to use micro-rewards to incentivize data sharing via its OPN token.
“OpenPort's technology framework shows great promise and the Asian Pacific rim where the organization is focused is the world's factory. We are excited to partner and facilitate a forum for commercial success,” said Craig Fuller, Managing Director, BiTA.
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 over 250 companies join within the last six months. The world’s largest commercial blockchain alliance, BiTA represents hundreds of global freight transportation companies.
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.
“As we strive to revolutionize the trucking industry in emerging markets throughout Asia and ultimately the world, we are honored to join such an esteemed Alliance. 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,” said Ward.
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.
Edited by Ken Briodagh