First Truckload Shipment Completed Using Bitcoin Smart Contracts
DexFreight is a blockchain startup that is creating a freight cargo platform that will use Rootstock (RSK). It recently announced it had been able to complete a shipment of frozen food from Medley to Sunrise, Florida. The Smart contracts that DexFreight used, which use the Bitcoin network, made the delivery and the automated payment possible.
What Their Press Release Stated
According to the press release, DexFreight partnered with Netuno USA to make this shipment possible. Netuno USA happens to be one of the fastest growing seafood wholesale companies. They also worked with Arel Trucking, Inc., which is an asset-based motor carrier. It has over 180 trucks. Finally, they worked with RSK, which is the first smart contract that is powered by the Bitcoin network. The press release further stated that the funds for this transaction were held in the smart contract on the RSK platform. Once the delivery was made, the funds were released to the carrier.
The smart contract is what the trucking industry will be seeking to embrace. It represents major possibilities for this sector. First, it means that carriers who integrate the technology can expect reliable payments. It also means that competition and transparency will be possible in the trucking sector.
Although this is a nascent platform, it will eventually develop and become a thriving and competitive market. It could be a platform where small outfits can reliably compete with large companies for businesses that would have previously been out of reach. This is because most shippers tend to stick with those they know.
A merit-based system, where there are real-time statistics of the damages, delivery times, and more would give a small company an equal chance to compete for business. Besides that, small companies that do not have the ability to wait for months for contracts to be paid would not need to do that. Additionally, bidding becomes much easier for them, as easy as sending an email.
What the Truckers Have to Say
Truckers seem quite excited about this project. The CEO of Arel Trucking Robert J. Julia said that DeFreight was solving issues of false documentation. It was doing this by ensuring that each transaction with shippers was transparent. This way, they could be paid for all the services they provided. The technology was the future of the trucking industry, according to him.
Why They Settled on the RSK Platform
An immutable ledger with a significant hashrate offers an important possibility for various industries. It is especially so for those involved in the logistics industry. For consumers, this means they can tell, for a fact, where a package came from. On the industrial scale side, it means a better means to track productivity and performance. Shipping and trucking companies will benefit the most from the immutable ledger and increased transparency.
The Ethereum network inspired construction of similar platforms that use smart contracts. Developers were even encouraged to create smart contracts on the most powerful computing platforms in history, the Bitcoin. One project that has proven itself is RSK. There is almost zero risk involved with this platform.