dexFreight today announced it has completed its first blockchain-based shipment using smart contracts. dexFreight is a decentralized, blockchain-based logistics platform that allows shippers, carriers and other supply chain stakeholders to transact and collaborate more efficiently, transparently, and securely—and that’s exactly what they’ve just achieved. The platform, which envisions an ecosystem of open source protocols, blockchain, and machine-learning technologies, allowed the shipper and carrier to directly connect, negotiate rates, and schedule pickup and delivery.
For this first truckload shipment, the 5,320-lb frozen food shipment was hauled from Preferred Freezer Services in Medley, FL to Manny’s Enterprises, Inc, in Sunrise, FL on October 15, 2018. It takes a lot of cooks in the kitchen to make it all happen. 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.
“This is a huge milestone towards an imminent transformation of the logistics industry through the adoption of blockchain technology,” said Rajat Rajbhandari CEO and co-founder of dexFreight.
“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.”
“With the use of smart contracts, companies like dexFreight can transfer value and assets between parties on our platform,” said Diego Gutierrez, CEO of RSK. “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, which will deliver unprecedented transparency, accountability and a trust layer that is sorely lacking in today’s logistics process, features an industry-first blockchain-based verified identity and objective reputation system derived from smart contract data and key performance indicators (KPIs) such as on-time pick-up and delivery, on-time payments, loading and unloading times, freight claims, etc.
With this data readily available, shippers and third parties can streamline the carrier onboarding process while reducing associated liability risk. With up-to-date profiles in the platform, including all required and relevant documentation such as licensing, insurance, safety and performance records, and credit history, counterparties will be automatically qualified based on unique business requirements, issuing alerts or even preventing transactions when qualifications drop below designated thresholds.
“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,” said Luciano Bonaldo, president and co-founder of Netuno USA Inc.
“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,” said Robert J. Julia, CFO, Arel Trucking. “This technology is the way of the future for the whole trucking industry.”