Key Highlights:
- dexFreight revealed new milestones as it has been granted a patent set to bring real-world asset-collateralized NFTs to the Rootstock DeFi ecosystem.
- dexFreight to incorporate deFi protocols with real-world collateral via Rootstock
Following an incredible development for the logistics industry, dexFreight, a logistics market network powered by smart contracts and FinTech has been granted a USPTO patent. According to an official announcement today, the development is claimed to be accountable to its revolutionary method of managing supply chain factoring using shared state storage in a distributed ledger.
The FinTech-enabled logistics market network leverages the power of smart contracts to offer an innovative solution that promises to streamline the entire process of supply chain management. This groundbreaking development tends to provide dexFreight with exclusive potential to revolutionize the way businesses involved in the production and distribution of goods approach supply chain management. By providing a more efficient and cost-effective way of managing supply chain factoring, dexFreight’s technology promises to make the entire process faster and more streamlined.
According to the announcement, the USPTO patent, Patent No.: US 11615375 B2, was granted on March 28th, 2023. While the plan is to eventually make this technology open source, the patent will provide protection against baseless claims from patent trolls that could hinder adoption and reassure large logistics organizations that are interested in testing this new technology.
dexFreight incorporates DeFi Protocols With Real World Collateral
In an endeavor to help trucking companies access liquidity and fill short-term financing gaps, dexFreight teamed up with Centrifuge and MakerDAO to create NFTs from freight invoices. This innovative approach involved utilizing these NFTs as collateral. The idea came to fruition after dexFreight accomplished the first truckload transaction with smart contracts on Rootstock in October 2018. Following a successful pilot, dexFreight collaborated with Rootstock DeFi ecosystem protocols such as Money on Chain and Sovryn to file a patent application with the US patent office, which has now been granted.
Apparently, the new development has seen dexFreight igniting a connection between DeFi protocols and real-world collateral which has literally given birth to a new asset class that possesses attributes that attract large institutional investors. It is believed that the development has the potential to drive widespread adoption and revolutionize global commerce. Through this advancement, DeFi liquidity providers can generate stable yields from real-world transactions. At the same time, the Rootstock ecosystem stands to benefit from the infusion of billions of dollars in real-world collateral.
Nonetheless, with the patent now secured, the stage is set for dexFreight to forge ahead with its ambitious plans for the future. As an open-source platform, the company hopes to encourage widespread adoption of its technology and promote innovation throughout the logistics industry.
According to Rajat Rajbhandari, who serves as the CIO/CTO and co-founder of dexFreight, the newly granted patent presents a thrilling prospect to introduce DeFi to the global supply chain industry. dexFreight seeks to utilize the patent to facilitate affordable access to liquidity for small and medium-sized trucking companies in both domestic and international markets. In the trucking industry, drivers often encounter delays of 30-45 days before receiving payment for delivering a load.
Notably, there is high optimism that dexFreight’s innovative solution is poised to usher in a new era of transactions in the supply chain industry that are more economical, quicker, and can be easily audited and traced.
