Subscribe to Our Newsletter
Monday June 27, 2022
Bitcoin (BTC) $21,100.00   Ether (ETH) $1,214.00
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Easily Swap USDT (TRC20) & More
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
CryptoNinjas
Home Featured

Blockchain powered logistics network Fr8 and OpenPort announce strategic partnership

Published by CryptoNinjas.net
08/06/2018
Blockchain powered logistics network Fr8 and OpenPort announce strategic partnership

Fr8 Network, a blockchain enabled logistics protocol has announced a new partnership with OpenPort, Asia’s only multi-national digital logistics provider. As explained in the Fr8 Protocol whitepaper, this strategic collaboration will enable OpenPort’s customers, such as Unilever, Pepsi, and Procter & Gamble, to seamlessly integrate blockchain technology into their existing logistics products, improving efficiency, visibility, and control over shipments.

The partnership helps OpenPort focus on core competencies like creating and driving adoption of a feature-rich Transportation Management System (TMS) while Fr8 Network provides blockchain integration and protocol-level components.

OpenPort

OpenPort is a trade finance and transportation management system provider focused on rapid expansion in developing nations. In 2017, OpenPort announced their digital ePOD (electronic proof of delivery), creating a new electronic record-keeping standard to replace outdated legacy and paper-based systems.

To convert carriers to use smartphone-based delivery verification hardware and software requires incentives. OpenPort pays a micro-incentive fee to drivers every time they use the smartphone. For their pilot program in the Philippines, OpenPort’s innovative solution is to loan drivers smartphones for free, which they can purchase over time by using the micro incentives as payment.

Partnering with Fr8 Network, ePOD’s are now stored on the blockchain to provide an indisputable record of a shipment’s history and create the opportunity to use smart contracts for settlement, among other services. In addition, micropayments to drivers will be converted to payment in Fr8 Network’s native currency, FR8 Token.

The blockchain-backed ePOD is a game-changer for credit to carriers. By offering an immutable proof of delivery to banks, OpenPort is able to offer their customers unprecedented low credit rates. Invoice factoring is traditionally priced between 24%-60% annual rates. OpenPort, through their partnership with Union Bank, is able to offer rates as low as 6% annually.

Partnership

“We are thrilled to have OpenPort, a leader in digital innovation for logistics, join the Fr8 Network,” Co-Founder & Tech Lead Sloane Brakeville shares.

“Their existing enterprise customers will drive significant platform adoption of the Fr8 Protocol. As early participants, OpenPort will be influential in collaborating on Fr8 Protocol’s development roadmap.”

A few of OpenPort’s current customers are P&G, Nestlé, Unilever, Ceva, Colgate, Corning, Century Distribution Systems, and Union Bank.

“OpenPort is using decentralized ledger technology, including the Fr8 Protocol, to deploy irrefutable confirmation of goods delivery across enterprise supply chains in Emerging Asia. Whereas supply chain finance on a paper-based model takes weeks to process at high costs of capital, with the help of our partners we can now pay suppliers in days.” — Max Ward, CEO OpenPort.

32
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

PayMachine to provide payroll service to blockchain logistics firm Fr8 Network

05/09/2019
PayMachine to provide payroll service to blockchain logistics firm Fr8 Network

Fr8 Network, a blockchain based logistics technology company, this week announced it entered into a partnership with PayMachine, a provider of enterprise payroll services. The goal of the partnership is to integrate PayMachine’s on-demand...

Read more

Blockchain logistics protocol Fr8 Network partners with Roambee for IoT monitoring

11/15/2018
Blockchain logistics protocol Fr8 Network partners with Roambee for IoT monitoring

Fr8 Network, a global blockchain-enabled logistics ecosystem has announced a partnership with The Roambee Corporation to enhance the digitization of supply chains for logistics companies worldwide through improved tracking, tracing, and secure data exchange. The Roambee...

Read more

OpenPort and Acudeen Technologies look to overcome logistics industry inefficiency

05/08/2018
OpenPort and Acudeen Technologies look to overcome logistics industry inefficiency

OpenPort, the digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets, today announced a partnership with Acudeen Technologies, the peer to peer platform enabling small and medium enterprises to...

Read more

OpenPort partners with XVC Logistics for blockchain Proof of Delivery

03/08/2018
OpenPort partners with  XVC Logistics for blockchain Proof of Delivery

OpenPort, the digital logistics platform that uses blockchain technology to transform road transport in emerging markets, today announced the launch of ‘OpenPort Solutions’, a joint venture with XVC Logistics, the Philippines based logistics operation....

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Input Output launches suite of sidechains for Cardano blockchain

Input Output launches suite of sidechains for Cardano blockchain

06/20/2022
Crypto-custodian Hex Trust welcomes approval for Dubai crypto-asset license

Crypto-custodian Hex Trust welcomes approval for Dubai crypto-asset license

06/21/2022
Crypto payment processor CoinPaid increases capital reserves to 5M EUR

Crypto payment processor CoinsPaid increases capital reserves to 5M EUR

06/20/2022
Polygon DAO integrates DiD service to prevent hostile takeovers and whales

Polygon DAO integrates decentralized ID service to prevent hostile takeovers and whales

06/22/2022
Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

Crypto-gold exchange Vaultoro lowers fees, increases withdrawal limits

06/23/2022
CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

CoinLoan integrates crypto analytics platform Elliptic to guard users from threats

06/23/2022
SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap raises $2.65M to build next-gen AMM on StarkNet

06/23/2022
Blockchain data platform Chainalysis introduces 'Crypto Incident Response Program'

Blockchain data platform Chainalysis introduces ‘Crypto Incident Response Program’

06/22/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy