Blockchain can Evolve Logistics!

in ethereum •  2 months ago

Supply chain management plays an important role in global commerce.

Globalization has opened the world to cross-border economic activity unlike ever before. In fact, many of the world’s largest businesses serve more customers outside their home country’s borders. As global trade has grown, one key business operation has grown in important: supply chain management.

Sustaining a global business involves the maintenance of inventories and product deliveries in many countries. Successful supply chain management is difficult due to the myriad business entities that are involved in just 1 shipment. Suppliers often deliver products through a shipping agent, who then passes documentation to the actual transporter; then, on the receiving end, are receiving agents, the shipment recipient. Additional agencies or government entities can be involved too.

Throughout the cycle, payments have to be made and documentation has to be passed from one party to another. Current technology can facilitate transfer of payment and documentations but not very efficiently. Not only can the transfers be slow, a matter of trust also plays a role since there isn’t enough transparency on the pass-over of documentation. When there’s an inefficiency caused by lack of transparency, blockchain technology provides an organic solution.

Creating a Blockchain-Powered Logistics Platform

The importance of logistics is undoubtable and the value it offers to global trade is only increasing as a greater number of countries are adopting an open market.

In an effort to combat the inefficiencies that hold back logistical advancement, the Open Enterprise Logistics (OEL) Foundation is leveraging blockchain technology to create a logistics platform for the world’s supply chains. The Foundation is creating the OEL Enterprise Architecture which will be open to industry participants. The project’s aim is to provide the best of existing blockchain achievements, along with internal logistics-specific developments, to provide an improved network for global supply chains.

The OEL Enterprise Architecture will provide participants the ability to process transactions—even cross-border transactions—with ease and low costs. As time is extremely important in trade, the provision of efficient transactional fulfillment stands to greatly benefit global logistical operations. Moreover, perhaps the most important value-additive of this development is the provision of transparency.

OEL Enterprise Architecture will allow all participants of a logistical operation to record all interactions with a shipment in a transparent yet immutable record. As proprietary information may be a part of the records, the technology integrates permissioned accessing. Thus, this development ensures all participants involved in a shipment can provide transparent access to important information to only each other.

Wrap-Up: The OEL Enterprise Architecture provides the logistics market with critical improvements: transparency, of interactions with a shipment, among a particular supply chain’s participants. This removes the concept of trust in critical business interactions.

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Its really good news for blockchain


Carries the utilization of this technology to a new level :)

@hatu Sir, in logistics field, trust is the major concern, that what it solves & it also utilizes blockchain in a very efficient manner.


True, at present, trust is a major part of any business interaction. However, this complicates things as there's room for breach. If the code can replace the trust, interactions become less risky.


absolutely Sir

Interesting concept, I have always thought out of all industries, blockchain is perfect for logistics.


More a technology rather than an industry.

It's really surprising for blockchainer.
Technology is the best for us because technology always helps us very much to everything's.


Yes, but enterprise-level adoption has been slow; OELF intends to change that.

at this time logistics is very much needed blockchain assistance, to develop digital technology


Given the importance logistical operations play, increased efficiency in them will benefit businesses as-well-as consumers.


It's certainly a welcomed development.

Good information


Thank you :)

@hatu, I'm interested in the same topic as you, let's spin it together. I signed on to you, I hope you'll sign up for me. Always glad to meet new people!