By Following hot on the heels of leaders in the gas, metals & food industries, forward-thinking bigwigs within the shipping & freight industry have begun utilizing the smart contract enabled Bitcoin blockchain in order to securely & transparently carry out business transactions & collaborate better with their partners all along the supply lines.
dexFreight’s Smart Contract Trial:
On the 25 October saw dexFreight, a decentralized logistics platform announce their successful completion of their first blockchain-integrated shipment using smart contracts. They transported a 5,320 pound frozen food shipment from Preferred Freezer Services in Medley, Florida to Manny’s Enterprises Inc in Sunrise, Florida. While not an immensely large distance, this accolade by dexFreight is a definite one-up from the Bitcoin Pizza day affair wherein the first food purchase was made on the Bitcoin blockchain back in May – the order being two pizzas.
Rajat Rajbhandari, CEO & co-founder of dexFreight had this to say on their achievement:
“This is a huge milestone towards an imminent transformation of the logistics industry through the adoption of blockchain technology. “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.”
The dexFreight platform is one of a beautiful vision of the near future. It sports an ecosystem teaming with open source protocols, blockchain & machine learning tech. This system enables shipper & carrier to connect to each directly, to negotiate rates and schedule deliveries & pickups. dexFreight claims that their new operating system will bring forth a new level of unprecedented accountability, transparency and ultimately a trust factor which is severely lacking in the logistics world.
The system boasts a revolutionary blockchain-based identity & objective reputation system which has been derived from smart contract data. This will allow dexFreight to gather & analyze KPI’s (Key Performance Indicators) ie, punctual pick-ups and deliveries, on-time payments, loading times, offload times and even freight claims.
As the data pool expands it will help shippers as well as third parties to effectively streamline the carrier onboarding process all the while reducing any associated liability risks, claims dexFreight & partner RSK, the first smart contact platform which is operated and secured on the Bitcoin blockchain:
“With the use of smart contracts, companies like dexFreight can transfer value and assets between parties on our platform,” said RSK CEO Diego Gutierrez. “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 joins De Beers & Walmart:
Back in May this year, De Beers, who is one of the worlds largest diamond exporters, announced their successful completion of a blockchain pilot which they used to track diamonds all the way from mine to cutter, polisher, and lastly jeweler. They made history as the first company to successfully track the journey of a diamond digitally from mine to store.
De Beers achieved this by developing a blockchain platform called Tracr and following the success of their trial run back in May, the Tracr platform is set for a full launch before the end of 2018 when the platform is opened up to the entire mining industry.
De Beers had five other leading diamond manufacturers work with them throughout the process. Diacore, Diarough, KGK Group, Rosy Blue NV & Venus Jewel who all played significant roles in the overall development of Tracr. De Beers later claimed that they chose these five other big players due to their notable experience in large stone processing as well as their extended coverages in the industry.
As CoinBeat has repeated a couple of times before, Walmart is yet another massive enterprise who has tapped into the power of blockchain technologies. They’ve partnered up with IBM as well as Tsingua University’s National Engineering Laboratory For E-Commerce Technologie in order to test blockchain as a way of successfully tracking food products in real-time across the supply chain.
Walmart’s blockchain project might still be in its early days but the company has already significantly reduced the time it takes to track products and as result they have also increased the level of food safety, one of the main reasons they sought out the tech, according to Frank Yiannas, Vice President of Food Safety at Walmart.
Precious stones, gas, food property and more. The uses for blockchain technology are popping up more and more each day. Which other industries do you think could benefit from blockchain tech and smart contracts? Let us know your thoughts.
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