dexFreight granted patent to carry DeFi to the provision chain

• dexFreight was granted the patent on 28 March 2023, the corporate introduced Tuesday.

• The block-chain-based platform utilized for the patent from the USPTO after a succesful pilot lauched in 2018.

• dexFreight goals to assist small and medium-sized trucking firms entry lower-cost liquidity.

dexFreight, a number one blockchain-based logistics platform that seeks to reinforce effectivity and safety within the provide chain ecosystem, has moved one other step nearer to this actuality after being granted a USPTO patent.

The patent pertains to dexFreight’s revolutionary know-how focusing on the administration of provide chains utilizing blockchain-based options. The plan is to have the distributed ledger know-how out there in open supply. Nevertheless, the corporate utilized for the patent to guard in opposition to “patent trolls that would forestall adoption.”

The patent can even supply massive logistics organisations the assurances they want as they give the impression of being to check the brand new know-how, the dexFreight group famous of their press announcement.

dexFreight to carry actual world belongings to DeFi

Based on particulars shared with CoinJournal, dexFreight was granted the patent on 28 March 2023 following an software filed with the US patent workplace.

With the patent, the good contracts-powered platform can now carry extra actual world belongings (RWAs) to the DeFi ecosystem. Particularly, dexFreight will now revolutionise the DeFi ecosystem by bringing tokenised NFTs of belongings within the provide chain panorama. This may work by way of Roostock, an EVM-compatible Bitcoin layer 2 sidechain.

“This patent represents an thrilling alternative to carry DeFi to the provision chain business on a worldwide scale. With this patent, dexFreight goals to facilitate lower-cost entry to liquidity for small and medium dimension trucking firms within the US and overseas. As an example, within the trucking business, drivers typically have to attend for 30-45 days to obtain fee for delivering a load. dexFreight’s revolutionary resolution will usher in a brand new period of cheaper, quicker, auditable, and traceable transactions within the provide chain business,” mentioned Rajat Rajbhandari, the CIO/CTO and co-founder of dexFreight.

dexFreight accomplished its first good contracts-based truckload transactions on Roostock in October 2018. The corporate then entered into partnership with Centrifuge and MakerDAO because it seemed to carry freight invoices NFTs to the market as a part of offering liquidity and financing for trucking firms.  

The patent software adopted the profitable pilot of those initiatives in partnership with protocols on Rootstock, together with Cash on Chain and Sovryn.

The dexFreight know-how permits business gamers to show provide chain invoices into digital tokens, which they’ll then use to get liquidity from decentralized swimming pools. The automated course of permits for quicker and low-cost transactions for customers