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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 unimaginable growth for the logistics trade, dexFreight, a logistics market community powered by sensible contracts and FinTech has been granted a USPTO patent. In response to an official announcement as we speak, the event is claimed to be accountable to its revolutionary technique of managing provide chain factoring utilizing shared state storage in a distributed ledger.
The FinTech-enabled logistics market community leverages the facility of sensible contracts to supply an revolutionary answer that guarantees to streamline the complete technique of provide chain administration. This groundbreaking growth tends to offer dexFreight with unique potential to revolutionize the way in which companies concerned within the manufacturing and distribution of products method provide chain administration. By offering a extra environment friendly and cost-effective manner of managing provide chain factoring, dexFreight’s know-how guarantees to make the complete course of quicker and extra streamlined.
In response to 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 know-how open supply, the patent will present safety towards baseless claims from patent trolls that would hinder adoption and reassure massive logistics organizations which are concerned with testing this new know-how.
dexFreight incorporates DeFi Protocols With Actual World Collateral
In an endeavor to assist trucking firms entry liquidity and fill short-term financing gaps, dexFreight teamed up with Centrifuge and MakerDAO to create NFTs from freight invoices. This revolutionary method concerned using these NFTs as collateral. The thought got here to fruition after dexFreight completed the first truckload transaction with smart contracts on Rootstock in October 2018. Following a profitable pilot, dexFreight collaborated with Rootstock DeFi ecosystem protocols corresponding to Money on Chain and Sovryn to file a patent software with the US patent workplace, which has now been granted.
Apparently, the brand new growth has seen dexFreight igniting a connection between DeFi protocols and real-world collateral which has actually given beginning to a brand new asset class that possesses attributes that appeal to massive institutional traders. It’s believed that the event has the potential to drive widespread adoption and revolutionize world commerce. By means of this development, DeFi liquidity suppliers can generate steady 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 ready for dexFreight to forge forward with its formidable plans for the longer term. As an open-source platform, the corporate hopes to encourage widespread adoption of its know-how and promote innovation all through the logistics trade.
In response to 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 firms in each home and worldwide markets. Within the trucking trade, drivers typically encounter delays of 30-45 days earlier than receiving fee for delivering a load.
Notably, there may be excessive optimism that dexFreight’s revolutionary answer is poised to usher in a brand new period of transactions within the provide chain trade which are extra economical, faster, and could be simply audited and traced.