Blockchain Firm OpenPort, Acudeen Technologies Partner To Solve Logistics Industry Problemsbr>
OpenPort is a digital logistics platform using blockchain technology to transform domestic distribution in emerging markets. It provides ERP-integrated shipment visibility and electronic proof of delivery from any road freight transporter. Its logistics protocol for blockchain creates an irrefutable record of events from pickup to delivery, executed by immutable smart contracts and powered by its OPN token. It provides micro-rewards to supply chain participants and frictionless payment between shippers, transporters, and retailers.
Acudeen Technologies enables small and medium enterprises (SME) to access financing. It connects sellers of receivables to buyers willing to invest in them, while tackling one of the most prominent problems facing SMEs, a lack of access to funding and capital. Acudeen strives to alleviate these liquidity problems by utilizing movable assets like receivables.
The two companies will collaborate to solve some of the issues currently hindering the growth of the supply chain industry due to the reliance on paper-based solutions, including high capital requirements, cash flow problems, and a lack of visibility.
OpenPort Founder and CEO Max Ward said that their blockchain solutions will provide Acudeen with greater visibility and accuracy which in turn allow them to greatly reduce the level of non-performing liabilities.
“Acudeen provides faster order-to-cash cycles, solving cash flow issues that have been inherent in the industry,” Ward said. “Together, we look forward to overcoming these significant challenges for SMEs and multinational corporations alike and adding tremendous value to all stakeholders in the supply chain. This partnership is not only monumental for both parties involved, but has the potential to bring the supply chain industry to modern day.”
Mario Jordan “Magellan” Fetalino III, Founder and CEO of Acudeen Technologies, said the partnership strengthens their ecosystem to support small, logistics businesses, and aligns with the company’s mission to create an inclusive environment for SMEs in emerging markets.
“Through OpenPort’s technology and utility of blockchain, we are able to leverage their capabilities to trace the delivery progress of goods and services as a means to help financial institutions come up with a more informed decision to provide cheaper and more accessible financing for small logistics businesses,” Fetalino said. “In financing, credit risk mitigation is the most important component towards feasibility. More often than not, what hinders large financial institutions to provide financing access to small businesses is the high credit risk involved, which is why this partnership is a step in the right direction for both Acudeen and OpenPort.”
The announcement came after OpenPort launched a non-profit organization open to enterprises in the supply chain and logistics industry. Called Open Enterprise Logistics (OEL) Foundation, the organization is committed to providing governance, development, and open source collaboration for the OEL Protocol and is preparing for its token generation event (TGE), which is set to commence later this year.