Key Highlights:
- dexFreight revealed new milestones because it has been granted a patent set to deliver real-world asset-collateralized NFTs to the Rootstock DeFi ecosystem.
- dexFreight to include deFi protocols with real-world collateral through Rootstock
Following an unbelievable improvement for the logistics trade, dexFreight, a logistics market community powered by good contracts and FinTech has been granted a USPTO patent. In line with an official announcement at the moment, the event is claimed to be accountable to its revolutionary methodology of managing provide chain factoring utilizing shared state storage in a distributed ledger.
The FinTech-enabled logistics market community leverages the ability of good contracts to supply an modern answer that guarantees to streamline all the means of provide chain administration. This groundbreaking improvement tends to offer dexFreight with unique potential to revolutionize the way in which companies concerned within the manufacturing and distribution of products strategy provide chain administration. By offering a extra environment friendly and cost-effective method of managing provide chain factoring, dexFreight’s expertise guarantees to make all the course of sooner and extra streamlined.
In line with the announcement, the USPTO patent, Patent No.: US 11615375 B2, was granted on March twenty eighth, 2023. Whereas the plan is to finally make this expertise open supply, the patent will present safety towards baseless claims from patent trolls that might hinder adoption and reassure giant logistics organizations which might be considering testing this new expertise.
dexFreight incorporates DeFi Protocols With Actual World Collateral
In an endeavor to assist trucking corporations entry liquidity and fill short-term financing gaps, dexFreight teamed up with Centrifuge and MakerDAO to create NFTs from freight invoices. This modern strategy concerned using these NFTs as collateral. The thought got here to fruition after dexFreight completed the first truckload transaction with good contracts on Rootstock in October 2018. Following a profitable pilot, dexFreight collaborated with Rootstock DeFi ecosystem protocols reminiscent of Cash on Chain and Sovryn to file a patent utility with the US patent workplace, which has now been granted.
Apparently, the brand new improvement has seen dexFreight igniting a connection between DeFi protocols and real-world collateral which has actually given start to a brand new asset class that possesses attributes that entice giant institutional traders. It’s believed that the event has the potential to drive widespread adoption and revolutionize international commerce. By way of this development, DeFi liquidity suppliers can generate secure yields from real-world transactions. On the similar time, the Rootstock ecosystem stands to profit from the infusion of billions of {dollars} in real-world collateral.
Nonetheless, with the patent now secured, the stage is about for dexFreight to forge forward with its bold plans for the long run. As an open-source platform, the corporate hopes to encourage widespread adoption of its expertise and promote innovation all through the logistics trade.
In line with Rajat Rajbhandari, who serves because the CIO/CTO and co-founder of dexFreight, the newly granted patent presents an exciting prospect to introduce DeFi to the worldwide provide chain trade. dexFreight seeks to make the most of the patent to facilitate reasonably priced entry to liquidity for small and medium-sized trucking corporations in each home and worldwide markets. Within the trucking trade, drivers usually encounter delays of 30-45 days earlier than receiving cost for delivering a load.
Notably, there’s excessive optimism that dexFreight’s modern answer is poised to usher in a brand new period of transactions within the provide chain trade which might be extra economical, faster, and may be simply audited and traced.
