dexFreight was granted the patent on 28 March 2023, the corporate introduced Tuesday.
The block-chain-based platform utilized for the patent from the USPTO after a succesful pilot lauched in 2018.
dexFreight goals to assist small and medium-sized trucking firms entry lower-cost liquidity.
dexFreight, a number one blockchain-based logistics platform that seeks to reinforce effectivity and safety within the supply chain ecosystem, has moved one other step nearer to this actuality after being granted a USPTO patent.
The patent pertains to dexFreight’s modern know-how concentrating on the administration of supply chains utilizing blockchain-based options. The plan is to have the distributed ledger know-how out there in open supply. However, the corporate utilized for the patent to guard in opposition to “patent trolls that could prevent adoption.”
The patent will even provide giant logistics organisations the assurances they want as they appear to check the brand new know-how, the dexFreight staff famous of their press announcement.
dexFreight to convey actual world belongings to DeFi
According to particulars shared with CoinJournal, dexFreight was granted the patent on 28 March 2023 following an software filed with the US patent workplace.
With the patent, the good contracts-powered platform can now convey extra actual world belongings (RWAs) to the DeFi ecosystem. Specifically, dexFreight will now revolutionise the DeFi ecosystem by bringing tokenised NFTs of belongings within the supply chain panorama. This will work by way of Roostock, an EVM-compatible Bitcoin layer 2 sidechain.
“This patent represents an exciting opportunity to bring DeFi to the supply chain industry on a global scale. With this patent, dexFreight aims to facilitate lower-cost access to liquidity for small and medium size trucking companies in the US and abroad. For instance, in the trucking industry, drivers often have to wait for 30-45 days to receive payment for delivering a load. dexFreight’s innovative solution will usher in a new era of cheaper, faster, auditable, and traceable transactions in the supply chain industry,” mentioned Rajat Rajbhandari, the CIO/CTO and co-founder of dexFreight.
dexFreight accomplished its first good contracts-based truckload transactions on Roostock in October 2018. The firm then entered into partnership with Centrifuge and MakerDAO because it regarded to convey freight invoices NFTs to the market as a part of offering liquidity and financing for trucking firms.
The patent software adopted the profitable pilot of those initiatives in partnership with protocols on Rootstock, together with Money on Chain and Sovryn.
The dexFreight know-how permits trade gamers to show supply chain invoices into digital tokens, which they will then use to get liquidity from decentralized swimming pools. The automated course of permits for quicker and low-cost transactions for customers
