SUNRISE, Fla. – The first trucking shipment using blockchain and a smart contract has been made.
The shipment was made using dexFreight, a decentralized logistics platform. The shipment was a 5,320-lb frozen food load hauled from Preferred Freezer Services in Medley, Fla., to Manny’s Enterprises in Sunrise, Fla., on Oct. 15. The load was delivered by Arel Trucking.
The smart contract was secured by Bitcoin. Funds for the transaction were held in escrow by the smart contract on the RSK smart contract 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,” stated 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,” added 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 says it will offer unprecedented transparency, accountability and trust within the supply chain.
“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.”