dexFreight was granted the patent on 28 March 2023, the company announced Tuesday.
The block-chain-based platform applied for the patent from the USPTO after a succesful pilot lauched in 2018.
dexFreight aims to help small and medium-sized trucking companies access lower-cost liquidity.
dexFreight, a leading blockchain-based logistics platform that seeks to enhance efficiency and security in the supply chain ecosystem, has moved another step closer to this reality after being granted a USPTO patent.
The patent relates to dexFreight’s innovative technology targeting the management of supply chains using blockchain-based solutions. The plan is to have the distributed ledger technology available in open source. However, the company applied for the patent to protect against “patent trolls that could prevent adoption.”
The patent will also offer large logistics organisations the assurances they need as they look to test the new technology, the dexFreight team noted in their press announcement.
dexFreight to bring real world assets to DeFi
According to details shared with CoinJournal, dexFreight was granted the patent on 28 March 2023 following an application filed with the US patent office.
With the patent, the smart contracts-powered platform can now bring more real world assets (RWAs) to the DeFi ecosystem. Specifically, dexFreight will now revolutionise the DeFi ecosystem by bringing tokenised NFTs of assets in the supply chain landscape. This will work via Roostock, an EVM-compatible Bitcoin layer 2 sidechain.
“This patent represents an exciting opportunity to bring DeFi to the supply chain industry on a global scale. With this patent, dexFreight aims to facilitate lower-cost access to liquidity for small and medium size trucking companies in the US and abroad. For instance, in the trucking industry, drivers often have to wait for 30-45 days to receive payment for delivering a load. dexFreight’s innovative solution will usher in a new era of cheaper, faster, auditable, and traceable transactions in the supply chain industry,” said Rajat Rajbhandari, the CIO/CTO and co-founder of dexFreight.
dexFreight completed its first smart contracts-based truckload transactions on Roostock in October 2018. The company then entered into partnership with Centrifuge and MakerDAO as it looked to bring freight invoices NFTs to the market as part of providing liquidity and financing for trucking companies.
The patent application followed the successful pilot of these initiatives in partnership with protocols on Rootstock, including Money on Chain and Sovryn.
The dexFreight technology allows industry players to turn supply chain invoices into digital tokens, which they can then use to get liquidity from decentralized pools. The automated process allows for faster and low-cost transactions for users