dexFreight, a blockchain-based logistics platform, partnered with Rootstock, a Bitcoin layer-2 sidechain, to leverage the power of smart contracts, offering efficient logistics services. The platform was recently granted a United States Patent and Trademark Office (USPTO) patent for its supply chain design.
Logistics with NFT collateralization
dexFreight aims to revolutionize the logistics industry by creating a decentralized network of logistics providers that can collaborate and transact with each other securely and transparently.
dexFreight recently announced that it had been granted a USPTO patent for its innovative electronic design for managing supply chain factoring, which utilizes shared state storage in a distributed ledger. This technology will enable dexFreight to create non-fungible tokens (NFTs) from freight invoices that can be used as collateral for accessing liquidity and filling short-term financing gaps for trucking companies.
The partnership between dexFreight and Rootstock DeFi creates a connection between decentralized finance (DeFi) protocols and real-world collateral. DeFi liquidity providers can access stable yields from real-world transactions, while the Rootstock ecosystem can benefit from billions of dollars in real-world collateral. This introduces a new asset class capable of appealing to large institutional investors, having the potential to drive mass adoption, and impacting global commerce.
When asked about the patent, Rajat Rajbhandari, a co-founder of dexFreight, shared their aim to facilitate lower-cost access to liquidity for small and medium-sized companies worldwide. The current traditional freight industry, he said, requires drivers to wait for days or months before receiving payment for successful deliveries. dexFreight’s innovative solution is set to solve that, ushering in an era of cheaper, faster, auditable, and traceable transactions in the supply chain industry.
dexFreight is looking to dominate the logistics industry
Supply chain management is a multi-billion dollar industry, crucial for all businesses involved in producing and distributing goods.
According to Hector Hernandez, the CSO and co-founder of dexFreight, the collaboration highlights the benefits of DeFi:
“This patent is the outcome of the hard work of the dexFreight team and their close collaboration with other teams in the DeFi industry. It also confirms how beneficial DeFi can be in addressing some of the most intricate challenges in trade finance. Additionally, it indicates to DeFi enthusiasts, developers, and investors how significant this technology can be for actual business transactions.”
Diego Gutiérrez Zaldívar, the CEO and co-founder of Rootstock, also said:
“This innovative patent for tokenizing the multi-billion dollar freight industry creates an opportunity for enhanced liquidity and new investors to join Rootstock. dexFreight has been leveraging the power of smart contracts on Bitcoin since 2018, it’s great to see the team adding further value to the ecosystem and protecting the principles of decentralization by making the patent open.”
With the rise of DeFi protocols and the increasing demand for efficient and reliable logistics services, dexFreight could become a key player in the logistics industry.
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