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dexFreight was awarded the patent on 28 March 2023, the company declared on Tuesday.
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The blockchain-based platform applied for the patent from the USPTO after a successful launch in 2018.
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dexFreight seeks to help small and medium-sized trucking businesses access more cost effective liquidity.
dexFreight, a leading blockchain-based logistics platform that strives to improve security and efficiency in the supply chain ecosystem, has taken one more step closer to this goal after being granted a USPTO patent.
The patent applies to dexFreight’s revolutionary technology that targets the management of supply chains using blockchain-based solutions. The plan is to have the distributed ledger technology accessible in open source. However, the company applied for the patent to defend against “patent trolls that could impede adoption.”
The patent will also provide large logistics organisations the assurances they require as they look to test the new technology, the dexFreight team highlighted in their press statement.
dexFreight to bring physical world assets to DeFi
As per details shared with CoinJournal, dexFreight was awarded the patent on 28 March 2023 after submitting an application to the US patent office.
With the patent, the smart contracts-driven platform can now bring more real world assets (RWAs) to the DeFi ecosystem. Specifically, dexFreight will now revolutionize the DeFi sector by introducing tokenised NFTs of assets in the supply chain sector. This will be done through Roostock, an EVM-compatible Bitcoin layer 2 sidechain.
“This patent presents a thrilling 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 groundbreaking 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 partnered with Centrifuge and MakerDAO as it aimed to bring freight invoices NFTs to the market as part of providing liquidity and financing for trucking companies.
The patent application followed the successful trial of these initiatives in collaboration with protocols on Rootstock, including Money on Chain and Sovryn.
The dexFreight technology allows industry players to convert supply chain invoices into digital tokens, which they can then utilize to get liquidity from decentralized pools. The automated process allows for faster and low-cost transactions for users
