dexFreight, a blockchain-based logistics platform, partnered with Rootstock, a Bitcoin layer-2 sidechain, to leverage the ability of good contracts, providing environment friendly logistics providers. The platform was lately granted a United States Patent and Trademark Workplace (USPTO) patent for its provide chain design.
Logistics with NFT collateralization
dexFreight goals to revolutionize the logistics business by making a decentralized community of logistics suppliers that may collaborate and transact with one another securely and transparently.
dexFreight lately introduced that it had been granted a USPTO patent for its revolutionary digital design for managing provide chain factoring, which makes use of shared state storage in a distributed ledger. This know-how will allow dexFreight to create non-fungible tokens (NFTs) from freight invoices that can be utilized as collateral for accessing liquidity and filling short-term financing gaps for trucking corporations.
The partnership between dexFreight and Rootstock DeFi creates a connection between decentralized finance (DeFi) protocols and real-world collateral. DeFi liquidity suppliers can entry secure yields from real-world transactions, whereas the Rootstock ecosystem can profit from billions of {dollars} in real-world collateral. This introduces a brand new asset class able to interesting to massive institutional traders, having the potential to drive mass adoption, and impacting world commerce.
When requested concerning the patent, Rajat Rajbhandari, a co-founder of dexFreight, shared their goal to facilitate lower-cost entry to liquidity for small and medium-sized corporations worldwide. The present conventional freight business, he stated, requires drivers to attend for days or months earlier than receiving fee for profitable deliveries. dexFreight’s revolutionary answer is about to resolve that, ushering in an period of cheaper, sooner, auditable, and traceable transactions within the provide chain business.
dexFreight is seeking to dominate the logistics business
Provide chain administration is a multi-billion greenback business, essential for all companies concerned in producing and distributing items.
In accordance with Hector Hernandez, the CSO and co-founder of dexFreight, the collaboration highlights the advantages of DeFi:
“This patent is the result of the exhausting work of the dexFreight workforce and their shut collaboration with different groups within the DeFi business. It additionally confirms how helpful DeFi may be in addressing among the most intricate challenges in commerce finance. Moreover, it signifies to DeFi fanatics, builders, and traders how vital this know-how may be for precise enterprise transactions.”
Diego Gutiérrez Zaldívar, the CEO and co-founder of Rootstock, additionally stated:
“This revolutionary patent for tokenizing the multi-billion greenback freight business creates a chance for enhanced liquidity and new traders to hitch Rootstock. dexFreight has been leveraging the ability of good contracts on Bitcoin since 2018, it’s nice to see the workforce including additional worth to the ecosystem and defending the rules of decentralization by making the patent open.”
With the rise of DeFi protocols and the growing demand for environment friendly and dependable logistics providers, dexFreight might develop into a key participant within the logistics business.
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