Supply firm completes first truckload shipment using Bitcoin smart contracts

posted about 2 months ago
DexFreight, a blockchain start-up that is building a freight transportation successfully facilitated a shipment of frozen food between Medley and Sunrise, Florida. DexFreight’s smart contracts, which rely on the Bitcoin blockchain, enabled the successful delivery and automated the payment to the carrier, Arel Trucking. Funds for the transaction were held in escrow by the smart contract on the integrated platform and were automatically released to the carrier upon delivery.“

Arel Trucking CFO Robert J. Julia said “dexFreight solves the issue of false documentation by making our transactions with shippers completely transparent, and so we can get paid for the service we provided. This technology is the way of the future for the whole trucking industry.” 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. “The way of the future for the whole trucking industry.”
Tags: blockchain, bitcoin, news