dexFreight Omnichannel Data Marketplace Powered by Ocean Protocol: Details & Use Cases
dexFreight and Ocean Protocol are unlocking data monetization for the logistics industry.
The dexFreight omnichannel data marketplace, powered by Ocean Protocol, enables transportation and logistics companies to aggregate and monetize operational data.
Several types of logistics data will be generated in the dexFreight omnichannel marketplace, including information on the historical location of trucks and freight movement patterns, shipment attributes, prices and costs, indices and invoices.
In the marketplace, carriers, brokers, and shippers will own their data and have the option of sharing it with the community without revealing a company’s identity or strategic competitive information. Users contributing data will be compensated in tokens via smart contracts. They will also have access to premium marketplace features made possible by harvesting the data, such as rate prediction capabilities.
Use Case 1: Monetize data
In the dexFreight omnichannel data marketplace, transportation and logistics companies can efficiently aggregate and transparently sell their data using standardized templates in smart contracts. At present, logistics entities hesitate to sell their data because of confidentiality issues, and smaller companies have no way to monetize data due to a lack of technology, negotiation resources, and smaller individual data sets.
The massive amount of logistics data that is generated by carriers, brokers, shippers, and TMS and FMS technology providers, in raw form as well as aggregated into trends is extremely valuable. Medium and large logistics companies can use the data for hedging against market price movements and planning for the future. In addition, market analysts and investors, academia and the government can all use logistics data for research.
Use Case 2: Improve operational efficiency
As a blockchain-based platform, dexFreight has immediate access to end-to-end operations, shipment and payment data from logistics and transportation companies. The data can be used to build optimization models and enable effective decision-making. For example, shippers and 3PLs need short-term price predictions for hundreds of origin-destination pairs in order to correctly price freight, which is subject to fuel cost fluctuations, tariffs, market conditions, etc.
In the omnichannel data marketplace, dexFreight will use machine learning to build and update these models, and enable transportation and logistics companies to lease data that can be turned into actionable intelligence.
Use Case 3: Facilitate industry wide improvement
Creating a community repository of data will contribute to the good of the transportation and logistics industry by making aggregated and anonymous data publicly available for implementing operational best practices and enacting effective policies.
The logistics industry does not typically share data because an incentive mechanism to contribute data to the public domain is non-existent. The dexFreight omnichannel data marketplace will facilitate making data contributions to the public domain with requiring internal resources.
dexFreight Omnichannel Data Marketplace Partner Roles:
dexFreight will manage data gathering and pruning, clean and create metadata information, and identify government and industry data to be added. It will also coordinate the testing of the marketplace, handle user onboarding and relations, and gather ongoing feedback.
Ocean Protocol will enable intuitive publishing and consumption of data, and the creation of royalty distribution methods, and payment and pricing functions. The company will also develop a UX for Web3 onboarding, wallets and connections with tokens, and a system for dispute resolution.
dexFreight is simplifying logistics with a decentralized platform for freight brokers, shippers and carriers to handle shipments from booking to payment in one place. dexFreight is building a universal decentralized, open-source network that enables collaboration and facilitates the coordination of movement of goods while bringing liquidity to the supply chain. For information, visit www.dexfreight.io
About Ocean Protocol
Ocean Protocol is a decentralized data exchange protocol to unlock data for AI, launched in 2017. Through blockchain technology and the OCEAN token, Ocean Protocol connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets without being locked-in to any single marketplace.