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Rootstock (RSK) Welcomes Asset-Collateralized NFTs as dexFreight Granted USPTO patent

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Tue, 4/04/2023 - 14:25
Rootstock (RSK) Welcomes Asset-Collateralized NFTs as dexFreight Granted USPTO patent
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dexFreight is a unique technology that integrates blockchain-based instruments in logistics and supply chain management, and it has received an important patent. It is a crucial milestone for the integration of real-world assets (RWAs) into the first DeFi ecosystem on the top of the Bitcoin (BTC) blockchain.

dexFreight now holds a patent that brings asset-collateralized NFTs to Rootstock (RSK)

According to the official announcement shared by dexFreight, a pioneer of using decentralized instruments in the logistics and supply chain segments, it has obtained USPTO patent no. US 11615375 B2. This means that its technology, an innovative method for electronic management of supply chain factoring with shared state storage in a distributed ledger, is now protected from patent trolls and can be used on blockchains.

Also, with the new patent, dexFreight can provide the necessary assurances for large logistics organizations and invite them to stress test this new technology.

dexFreight completed its first logistics transaction on blockchain back in 2018. With the collaboration of Rootstock (RSK) DeFi ecosystem protocols including Money on Chain (MoC) and Sovryn, a patent application was submited to the U.S. patent office. On March 29, 2023, it was granted.

Rajat Rajbhandari, CIO/CTO and co-founder of dexFreight, explained the game-changing potential of this announcement for the entire segment of logistics and supply chain management:

This patent represents an exciting opportunity to bring DeFi to the supply chain industry on a global scale. With this patent, dexFreight aims to facilitate lower-cost access to liquidity for small and medium size trucking companies in the US and abroad. For instance, in the trucking industry, drivers often have to wait for 30-45 days to receive payment for delivering a load. dexFreight's innovative solution will usher in a new era of cheaper, faster, auditable, and traceable transactions in the supply chain industry.

Bringing RWAs to DeFi on Bitcoin (BTC) in novel way

Diego Gutiérrez Zaldívar, CEO of IOVlabs and Rootstock (RSK) co-founder, is excited about the opportunities the new patent unlocks for his product and its ecosystem:

This innovative patent for tokenizing the multi billion dollar freight industry creates an opportunity for enhanced liquidity and new investors to join Rootstock. dexFreight has been leveraging the power of smart contracts on Bitcoin since 2018, it’s great to see the team adding further value to the ecosystem and protecting the principles of decentralisation by making the patent open.

The integrations between collateralized RWAs and DeFi protocols creates a new class of assets with qualities crucial to institutional investors.

With tools like dexFreight, supply chain invoices can be released as digital tokens using blockchains and DLTs. These tokens can serve to obtain liquidity from decentralized pools through an automated process.

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