DexFreight, a decentralized logistics platform has announced the successful trial of its first blockchain-based food shipment using smart contracts. About 5,320-lb frozen food shipment were moved from Preferred Freezer Services in Medley, FL to Manny’s Enterprises, Inc, in Sunrise, FL. This success by dexFreight was initiated from the first food purchase made on the Bitcoin blockchain on May 22, 2011.
dexFreight Trials Smart Contract
Rajat Rajbhandari CEO and co-founder of dexFreight, stated on the company’s blog that; “This is a huge milestone towards an imminent transformation of the logistics industry through the adoption of blockchain technology.” He added;
“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 use of blockchain in global economic sectors such as precious metal and food wholesales is no longer new, but to the shipping and freight industry, this is a landmark achievement as food shipment now uses smart contracts via Bitcoin blockchain to have an efficient and transparent experience within the entire supply chain.
This being the first blockchain-based verified identity and objective reputation system from a smart contract data, this has a way of making the company enabled to collate and analyze key performance indicators like on-time pick-up and delivery, on-time payments, loading and unloading times, and freight claims.
For dexFreight and its partner RSK, this new achievement would reduce inherent liability risk to help shippers as well third parties streamline the carrier onboarding process. The partners also talked about the smart contract system, which operates on the Bitcoin blockchain platform. The CEO of RSK, Diego Gutierrez explained that; “With the use of smart contracts, companies like dexFreight can transfer value and assets between parties on our platform.” He further noted that;
“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.”
De Beers and Walmart Uses Blockchain
In the list of several startups across sectors that have used the blockchain technology in tracking is the largest diamond boutiques De Beers with the unveiling of its bespoke tech for tracking diamonds along the entire value chain, starting from the mine, to a cutter, to a polisher, and, finally, to a jeweler.
In May, one of the world’s largest diamond boutiques De Beers announced the successful completion of a blockchain pilot called “Tracr” for tracking diamonds along the entire value chain: from the mine to the cutter, to the polisher, and, finally, to a jeweler. This marked the first time a diamond’s journey was digitally tracked from mine to retail.
Also, in the retail sector, we have Walmart which has used the blockchain to increase efficiency. IBM and Tsingua University’s National Engineering Laboratory for E-Commerce Technologies has partnered with the global food giant is testing the blockchain to efficiently track food products in real time through the supply chain.
Apparently, Walmart’s blockchain network is still at its early stage, but the tracking time has been reduced. According to Frank Yiannas, the Vice President of food safety and health, the food security provided by this initiative is the solace the company has longed for in the blockchain technology.