DexFreight Completes First Truckload Shipment Using Bitcoin Smart Contracts
DexFreight, a blockchain start-up that is building a freight transportation platform using Rootstock (RSK), has said that it successfully facilitated a shipment of frozen food between Medley and Sunrise, Florida.
DexFreight’s smart contracts, which rely on the Bitcoin blockchain rather than the more-often used Ethereum, enabled the successful delivery and automated the payment to the carrier, Arel Trucking.
Excerpt From their press release reads:
“For this first truckload shipment, dexFreight partnered with Netuno USA, one of the fastest growing seafood wholesalers, Arel Trucking, Inc., an asset-based motor carrier with over 180 trucks, and RSK, the first smart contract platform secured by Bitcoin. Funds for the transaction were held in escrow by the smart contract on the integrated RSK platform and were automatically released to the carrier upon delivery.“
In two regards, it speaks to real potential outcomes. The main regard is that bearers who not far off incorporate the innovation can be paid dependably. The second regard is that of straightforwardness and rivalry. Despite the fact that the stage is early, it could in the long run form into a flourishing and focused market where littler outfits can go after business they couldn’t have already acquired because of the propensity of shippers to stay with who they know.
A legitimacy based framework where ongoing insights of conveyance times, harms, and such would give any organization an equivalent possibility at vieing for business. Besides, littler outfits that can’t really sit tight weeks or months for contracts to be paid out would never again need to do as such, and offering turns into a practically simple process — possibly as simple as sending an email.
The truckers give off an impression of being amped up for the prospect, with Arel Trucking CFO Robert J. Julia being cited as saying:
“dexFreight solves the issue of false documentation by making our transactions with shippers completely transparent, and so we can get paid for the service we provided. This technology is the way of the future for the whole trucking industry.”