Startup DexFreight, which uses Bitcoin smart contracts, successfully delivered the cargo and automatically made a payment to Arel Trucking carrier.
Blockchain startup DexFreight, which creates a freight transportation platform using Rootstock technology (RSK), successfully delivered frozen products between Medley and Sunrise in Florida.
The company’s press release stated:
“The funds for the transaction were passed through a smart contract on the integrated RSK platform and were automatically sent to the carrier upon delivery.”
A merit-based system where delivery time, loss, and other important data are transmitted in real time give any company an equal chance to compete for the business. Moreover, smaller intermediaries can no longer wait for weeks or months to receive payment on contracts through the startup’s system, and they are able to receive funds is potentially as simple as sending an email.
Arel Trucking drivers are excited about the prospect:
“DexFreight solves the problem of forgery of documents, making our transactions with shippers completely transparent, and therefore we can get paid for the service we provide instantly. This technology is the path of the future for the entire freight industry.”
Why the decision to use Bitcoin instead of another platform?
A distributed registry, such as a bitcoin blockchain (or any other blockchain with a sufficient degree of hashing/security), represents important opportunities for various industries, especially those related to the movement and tracking of physical goods.
The registry itself is not very suitable for tracking transactions and is used, as a rule, for remittances. However, when you use smart contracts it becomes quite possible. This is the model that Ethereum developed.
The popularity of Ethereum has stimulated the development of a variety of other token platforms, ranging from NEO (general purpose) to WaltonChain (focused on industries using RFID tracking technology). Smart contract technology also urged developers to create platforms that could use the Bitcoin blockchain itself, which is, perhaps, the most powerful computing platform in history.
RSK is an example of such a platform, and it is the basis of the DexFreight solution. Another option that developers can consider is Qtum, which is an Ethereum virtual machine adapted to work on a Bitcoin network.
Platforms such as RSK work similarly to Ethereum. The basic platform token is necessary for the operation of smart contracts and applications in the cryptocurrency network, and they are usually replaced with the blockchain’s own token. In the case of Rootstock, and, accordingly, the platform developed by DexFreight, it is Bitcoin.