Supply Firm Completes Truckload Shipment Using Bitcoin Smart Contracts
DexFreight, a blockchain start-up that is building a freight transportation platform using Rootstock (RSK), has announced that it successfully facilitated a shipment of frozen food between Medley and Sunrise, Florida. DexFreight’s smart contracts, which rely on the Bitcoin blockchain rather than the more-often used Ethereum, enabled the successful delivery and automated the payment to the carrier, Arel Trucking.
From their press release on the subject (emphasis added):
This last part is perhaps the most important part for the trucking industry. In two respects, it represents major possibilities. The first respect is that carriers who down the road integrate the technology can be paid reliably. The second respect is that of transparency and competition. Although the platform is nascent, it could eventually develop into a thriving and competitive market where smaller outfits can compete for business they could not have previously procured due to the tendency of shippers to stick with who they know.
A merit-based system where real-time statistics of delivery times, damages, and the like would give any company an equal chance at competing for business. Moreover, smaller outfits that cannot necessarily wait weeks or months for contracts to be paid out would no longer have to do so, and bidding becomes a realistically easy process — potentially as easy as sending an e-mail.
The truckers appear to be excited about the prospect, with Arel Trucking CFO Robert J. Julia being quoted as saying:
An immutable ledger such as the Bitcoin blockchain (or any blockchain with sufficient hashrate/security) presents important possibilities for various industries, especially those which involve the moving and tracking of physical goods. While on a consumer level this means knowing beyond a shadow of a doubt where one’s package is or where your home goods are when you move, on an industrial level this means a much more robust ability to track performance and productivity.
