Transforming the Fleet Industry with Blockchain
The fleet industry is excited about blockchain’s potential because of its implementation in vehicle registration, insurance, supply chain management, and finance. The technology is easy to monitor and highly secure as no one can conspire to change a mistake by altering the database entry. Blockchain encourages the functions of the fleet managers to be expanded by global supply chains, data overload, and connected car technology. Today the numbers of fleet management companies that are investing in the blockchain technology are increasing rapidly.
Blockchain aids fleet managers: The technology provides the fleet managers with better productivity and efficiency. It helps managers improve asset utilization, security, data accuracy, and visibility. Following are some of the ways the blockchain technology is helping the fleet industry:
Fleet maintenance: Blockchain enables fleets to know everything about a truck or fleet throughout its service life as oil changes, warranty repair, and parts replacement. The information is visible in the blockchain to the all concerned members.
Data visibility, security, accuracy: The technology makes freight contracts, document transferring, the safety of a transferred item, drivers’ security, parts-management, and asset tracking easier. Also, it provides better security through new applications.
Trucking and transportation: Blockchain accelerates the transportation and secure freight movement transactions for shippers and carriers. Once a blockchain ledger is created, the carrier and the shipper track the commitments made by the shipper as the exact time the carriers deliver the freight.
Reducing inefficiencies: Manufacturers face a difficult time finding the fleets to transport their goods. Most of the fleet management companies have a few trucks and that makes it difficult to match shippers with the companies. Blockchain is enabled to solve the problem by matching shippers with fleet management companies.
Cost effective: Blockchain helps to replace outdated legacy systems, which save the costs in return. Also, it reduces the dependency on the support staff for the companies.
Today, a limited number of fleet management companies use the blockchain technology. As technology grows by time, every fleet management companies will start to adopt it in the coming years.