dexFreighta blockchain-based logistics platform, partnered with Rhizome, a Bitcoin Layer 2 sidechain, to harness the power of smart contracts and offer efficient logistics services. The platform recently received a patent from the United States Patent and Trademark Office (USPTO) 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 awarded a USPTO patent for its innovative electronic design to manage supply chain factoring, which uses shared state storage in a distributed ledger. This technology will allow dexFreight to create non-fungible tokens (NFTs) from freight invoices that can be used as collateral to access liquidity and fill short-term financing gaps for shipping 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 returns 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 attracting large institutional investors, with the potential to drive mass adoption and impact global trade.
When asked about the patent, Rajat Rajbhandari, co-founder of dexFreight, shared his goal of facilitating access to lower-cost liquidity for small and medium-sized businesses around the world. Today’s traditional freight industry, he said, requires drivers to wait days or months before being paid 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 seeks to dominate the logistics industry
Supply chain management is a multi-billion dollar industry, crucial to all companies involved in the production and distribution of goods.
According to Héctor Hernández, CSO and co-founder of dexFreight, the collaboration highlights the benefits of DeFi:
“This patent is the result 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 complex challenges in trade finance. Furthermore, it indicates to DeFi enthusiasts, developers and investors how important this technology can be for real business transactions.”
Diego Gutiérrez Zaldívar, CEO and co-founder of Rootstock, also said:
“This groundbreaking patent to tokenize the multi-billion dollar charging industry creates an opportunity for increased liquidity and new investors to join Rootstock. dexFreight has been harnessing the power of smart contracts in Bitcoin since 2018, it’s great to see the team add more value to the ecosystem and protect decentralization principles by opening the patent.”
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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