- ICO Platform: Ethereum
- Industry: Transportation and Logistics
- Price: $1
- Bonus: N/A
- Soft Cap: N/A
- Hard Cap: $25 million
- Total Number of Tokens (Available for sale): 100 million OPN (25 million OPN)
- Website: https://openport.com/
- White paper: OpenPort whitepaper
- Telegram: N/A
The global supply chain has a cash flow problem; the system in use currently is inefficient and slow, causing dissatisfaction for the manufacturer, the retailer, and every other participant in the chain. The major problems in this sector can be traced to the fact that the Proof of Delivery (POD) is based on paper records, and paper records are notoriously vulnerable to tampering. Because of this, there are lots of disputes along the way, effectively disrupting delivery schedule and consequently, cash flow.
In an industry as big as retail, these disruptions cannot be allowed to continue. There is a pressing need for a system that will revamp the global supply chain and make the transportation of goods from suppliers to retailers more efficient, and the OpenPort project believe they have the solution.
Proposed Solution (The Product)
OpenPort have an electronic Proof of Delivery (ePOD) system that is already in use around Asia. With this technology and their ecosystem, they have been able to improve the cash flow of their partners. Here is how it works: they have a transport management software—OpenTM, and an application—Driver—that allows truck drivers capture electronic Proof of Delivery with their smartphones and send shipment data while on the road. As a result, every party in the supply chain can track the product, reducing the need for disputes or delay.
Now, the OpenPort project want to integrate blockchain technology into their ecosystem. This will help them create an immutable ePOD along with an irrefutable transportation history. Additionally, with OpenPort, time and resources will be better utilized at every point in the supply chain.
OpenPort’s token, OPN, will serve as the governing currency in the ecosystem. They also plan to use OPN to facilitate digital payments, further accelerating cash flow and improving the overall efficiency of supply chains.
Founder and CEO, Max Ward, worked as a systems engineer for product development software companies in the US and Europe before entering the logistics sector. Since joining the industry, he has amassed over 10 years’ experience in executive roles and at notable companies. He was Head of Consumer Retail Asia at DHL, and before that, Vice President of Business Development APAC at Agility Logistics.
Ward is one of the few people who can boast of having firsthand experience in the tech industry as well as the logistics sector. He is joined on the OpenPort team by other well-experienced and highly-skilled personnel.
For now, OpenPort operates mainly in Southeast Asia, but they have plans to expand into the middle East in the coming months. To provide some context, the retail goods industry in Asia is worth ~$6 trillion (Source: OpenPort Whitepaper). As a result, they have a sizable chunk of market segment to target.
Furthermore, they have secured partnership agreement with notable names in the region, namely: Unilever, Nestle, Colgate etc.
OpenPort plan to extend their blockchain Proof of Concept to their operations in Indonesia, Hong Kong, and Pakistan by the 2nd quarter of 2018. They have also scheduled their token generation event (TGE) for the same period.
By 2018 3rd quarter, they intend to expand their operations into Vietnam and Dubai. By that time, they also aim to have their blockchain architecture in place in all markets they operate in.
- A strong team with extensive experience in the market segment.
- Highly relevant use case.
- Solid and proven tech.
- Lack of adequate hype and social media exposure (for now).
- For a project with limited exposure and hype, their hard cap—$25 million—is a bit high.
- By securing partnership agreements with notable names in the retail scene, they are well-positioned to get more partners once their ecosystem is fully-operational.
- Asia has one of the biggest retail markets in the world, this provides OpenPort with a sizable target market.
- Their roadmap doesn’t include details about a pre-sale or an ICO. As a result, investors don’t know how to prepare for their token sale.
- They value their token at $1 per. This may dissuade prospective investors, putting the entire token sale process in danger.
In conclusion, OpenPort offers what many crypto-based start-ups do not, a product that is already operational. Additionally, the problem the project is aiming to solve is a notable one and it affects one of the most lucrative industries in the world. If they can successfully integrate blockchain tech into their ecosystem, they may have a gem of a token on their hands. As with all crypto investments, however, prospective investors in OPN must be cautious and remain informed of developments regarding this company and its token.
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