Blockchain startup startup dexFreight, which creates a platform for freight transportation using Rootstock (RSK), announced the successful first delivery of frozen products between Medley and Sunrise, Florida. The company’s system is the first smart contract platform secured by Bitcoin.
The funds for the transaction were concluded on the basis of a conditional agreement on the integrated RSK platform and were automatically sent to the carrier upon delivery. This part is very important for the trucking industry in two ways.
Firstly, the advantages are that carriers that are integrated into the system are guaranteed to receive payment.
Secondly, transparency and competition.
Although the platform has just emerged, it can eventually turn into a thriving and competitive market where smaller carriers can compete for a business in which they previously could not participate due to the complicated processes and hegemony of large freight forwarders. A Bitcoin chain block (or any other with a sufficient degree of hashing/security) presents enormous opportunities for various industries, especially those related to the movement and tracking of physical goods. While at the consumer level, this is a simple convenience when these processes are monitored at the industrial level, it provides a more reliable way to track performance, particularly for freight and shipping companies.
The dexFreight platform itself, as a service, plays an important role for both consumers and suppliers in the freight industry. By paying a fee for using the network, firms can be sure of receiving payment for their services. As a result, the threshold for entering a business is sharply reduced.