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dexFreight was granted a patent on March 28, 2023, the company announced on Tuesday.
The blockchain-based platform has filed for a patent with the USPTO after successfully launching a pilot in 2018.
dexFreight aims to give small and medium-sized shipping companies access to low-cost liquidity.
dexFreight, a leading blockchain-based logistics platform aiming to enhance the efficiency and security of the supply chain ecosystem, is one step closer to this reality after receiving a USPTO patent.
This patent relates to dexFreight’s innovative technology targeting supply chain management using blockchain-based solutions. The plan is to make the distributed ledger technology open source and available. However, the company has filed a patent to protect it from “patent trolls that could hinder adoption.”
The patent also provides the assurance large logistics organizations need when considering testing new technologies, the dexFreight team said in a press release.
According to details shared with CoinJournal, dexFreight was granted a patent on March 28, 2023 following a petition filed with the US Patent Office.
This patent allows smart contract powered platforms to bring more real world assets (RWA) into the DeFi ecosystem. Specifically, dexFreight will revolutionize the DeFi ecosystem by bringing his NFTs of tokenized assets into the supply chain environment. It works via Roostock, an EVM-compatible Bitcoin Layer 2 sidechain.
“This patent represents a great opportunity to bring DeFi to the supply chain industry on a global scale. With this patent, dexFreight aims to make liquidity available at low cost to small and medium-sized trucking companies in the United States and abroad. For example, in the trucking industry, drivers often have to wait 30-45 days before receiving payment to deliver a package. dexFreight’s innovative solution ushers in a new era of cheaper, faster, auditable and traceable transactions in the supply chain industryRajat Rajbhandari, CIO/CTO and co-founder of dexFreight said:
dexFreight completed its first smart contract-based trucking transaction on Roostock in October 2018. The company then partnered with his Centrifuge and MakerDAO with the aim of bringing freight bill NFTs to market as part of providing liquidity and funding to trucking companies.
The patent filing follows the successful pilots of these initiatives in conjunction with Rootstock’s protocols such as Money on Chain and Sovryn.
dexFreight technology allows industry players to convert their supply chain invoices into digital tokens, which can be used to derive liquidity from decentralized pools.Automated processes allow users to make faster, lower-cost transactions
