Decentralized logistics platform dexFreight announced in a press release CoinReport received from The LaunchPad Agency, dexFreight’s communications firm, that it has completed its first blockchain-based truckload shipment using smart contracts.
dexFreight enabled the carrier and shipper to directly connect, work out charges and schedule pickup and delivery. The truckload shipment, which was of 5,320-lb. frozen food, was carried from Preferred Freezer Services in Medley, Florida to Manny’s Enterprises, Inc., in Sunrise, Florida on October 15.
For this first truckload shipment, the platform teamed up with RSK, the first smart contract platform secured by bitcoin, Arel Trucking Inc., an asset-based motor carrier with more than 180 trucks and Netuno USA, one of the fastest growing seafood wholesalers. The smart contract on the integrated RSK platform held the funds for the transaction in escrow. Upon delivery, the money was automatically released to the carrier.
dexFreight co-founder and CEO Rajat Rajbhandari said in the news release we received, “This is a huge milestone towards an imminent transformation of the logistics industry through the adoption of blockchain technology. Our platform aims for a truly decentralized model, open to all the stakeholders, and allowing for a new world of services that will bring much needed optimization and liquidity to this industry.”
RSK CEO Diego Gutierrez commented, “With the use of smart contracts, companies like dexFreight can transfer value and assets between parties on our platform. With a defined set of rules, in this case for logistics, all participants know that their business needs will be fulfilled without anyone altering their agreement or changing the rules.”
dexFreight says it seeks to provide unparalleled accountability, transparency and a trust layer that is greatly lacking in the logistics process of today. The platform has an industry-first blockchain-based confirmed identity and impartial reputation system resulting from smart contract data and key performance indicators (KPIs) like freight claims, on-time pick-up and delivery, loading and unloading times, on-time payments, etc. Third parties as well as shippers, with this data readily accessible, are able to streamline the carrier onboarding process while lowering related liability risk.
With latest profiles in the platform, including every needed and pertinent papers like safety and performance records, credit history, insurance and licensing; counterparties will be automatically qualified based on unique business necessities, issuing alerts or even stopping transactions when qualifications fall under designated thresholds.
Netuno USA Inc. co-founder and president Luciano Bonaldo stated, “With dexFreight, we have transparency into loads we’re shipping all over the U.S. based on honest and accurate information that is beneficial for our operation and our customers.”
Arel Trucking CFO Robert J. Julia said, “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.”