- dexFreight used Bitcoin smart contracts to facilitate the shipment of frozen foods from Medley to Sunrise
- The company collaborated with Netuno USA, Arel Trucking Inc., and Rootstock (RSK) platform, to make the haulage successful
- dexFreight’s founder says the successful process proves DLT has all it takes to transform the logistics industry
dexFreight, a fully decentralized distributed ledger technology (DLT) and machine learning powered logistics platform for ships, carriers and other participants in the supply chain ecosystem, has announced the successful shipment of its first truckload of goods facilitated by Bitcoin smart contracts, according to a press release on October 24th.
dexFreight Proves DLT Can Revolutionize Logistics and Supply Chain
As stated in its press release, dexFreight, a decentralized DLT-based logistics system has successfully carried out its first truckload shipment of frozen foods, facilitated by Rootstock (RSK), the first Bitcoin smart contracts platform.
dexFreight reportedly shipped a 5,320-lb truckload of frozen foods from Preferred Freezer Services in Medley, Florida to Manny’s Enterprises, Inc., in Sunrise, FL on October 15, 2018.
To make the entire process successful, dexFreight collaborated with Netuno USA http://netunousa.com/, a fast-growing seafood firm, Arel Trucking Inc., and Rootstock (RSK) a smart contracts platform powered by the Bitcoin blockchain.
According to the team, the funds for the delivery was held in escrow by the RSK smart contracts system, and once the goods got delivered successfully at the destination, the carrier got paid automatically.
In essence, the dexFreight system has proven that blockchain technology and smart contracts genuinely has the power to eliminate third parties, foster transparency and facilitate frictionless payments in the logistics and supply chain ecosystem.
Commenting on the development, CEO and co-founder of dexFreight, Rajat Rajbhandari said that:
“This is a massive achievement towards an imminent transformation of the logistics ecosystem via the adoption of distributed ledger technology.”
While most startups prefer to use the Ethereum smart contracts to execute transactions such as the one carried out by dexFreight, RSK has now proven that the Bitcoin network can fulfil the same role.
Though experts have proven that Ethereum smart contracts have a 0.36 percent fail rate which can be very costly when it occurs, it is yet to be determined if Bitcoin smart contracts can fill this small but significant gap.