dexFreight Integrates RIF Blockchain Solutions to Decentralize Logistics IndustryMiami - January 17, 2020
Today, RIF, whose decentralized application protocol is powered by Bitcoin smart contract platform RSK, announced that dexFreight, a decentralized logistics platform, will begin the integration of RIF’s Storage and Payments solutions.
The RIF Storage solution testnet, developed through a partnership with Swarm, was rolled out to the public on January 8. dexFreight will integrate RIF Storage to store and retrieve encrypted versions of documents such as bills of ladings and proof of deliveries that require distributed storage and timestamping.The protocol introduces decentralized incentives using the RIF token, while also providing a unified interface that allows users to connect and switch between a number of decentralized storage networks, including IFPS.
While dexFreight is currently running the necessary storage nodes, integration of RIF Storage incentives will be used to distribute the stored data.
Adrian Giannini, Co-Founder and CTO of dexFreight, commented, “We are proud to integrate with RIF Storage, which provides us with the ability to connect with decentralized networks like IPFS and Swarm to store freight documents in a more secure and less costly way than traditional centralized cloud services. The incentives system powered by RIF will enable freight brokers, carriers, and shippers to be proportionally rewarded for participating in the network. These incentives are aligned with our web3 philosophy of destroying data silos while allowing the users to retain full control, ownership and privacy or their data.”
Additionally, dexFreight will start integration with RIF Lumino payment channels to pay drivers for reaching milestones within the platform. The movement of freight by truck is usually negotiated in dollars per mile, with payments processed, on average, 37 days after delivery. With RIF Lumino payment channels, dexFreight will bring payment streaming to the logistics industry. Shippers or brokers will be able to open a payment channel to pay contracted trucking companies in real time.
This functionality will also enable carriers to stream per mile payments to their drivers, something not possible until now. In addition, carriers will also be able to send RIF tokens to drivers, which can be spent instantly on benefits, or withdrawn to a personal wallet.
Gabriel Kurman, Lead RIF Strategist, commented, “RIF is committed to offering tools to transform the internet into an open, inclusive financial and informational ecosystem. RIF Storage was designed to disrupt one of the web’s most centralized clusters, with RIF Payments and the Lumino network doing the same for finance by supporting blockchain scalability and rapid micro-transacting. dexFreight’s vision to optimize logistics through decentralization offers a fantastic use case for these solutions and we look forward to working closely with them.”
dexFreight has already leveraged RSK’s smart contracts to successfully complete its first shipment in October of 2018.
About IOV Labs and RIF
IOV Labs is focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.
The organization currently develops the most popular implementations of the RSK Smart Contract Network RIF and Taringa´s platforms. RSK Network is the most secure Smart Contract platform in the world, as it relies on Bitcoin’s hash power. RIF is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK.
dexFreight is a blockchain-based logistics platform for brokers, carriers, and other stakeholders to handle shipments more efficiently from booking to payment in one place. dexFreight envisions to be the facilitating force that coordinates the world logistics, encourages collaboration and incentivizes fair, equitable distribution of value, by building the universal decentralized, open-source network for efficient and safer movement of goods while bringing liquidity to the supply chain. For information, visit www.dexfreight.io