What is Blockchain? What does it ultimately mean for the trucking industry? These are the two main questions we’re going to answer as we take a closer look at the latest buzzword in the world of transportation
What is Blockchain?
Blockchain was originally developed as the accounting platform for Bitcoin, the virtual currency, and is a decentralized ledger of transactions. The end result of using Blockchain is to create a list of records that cannot be changed or deleted, with verification accomplished through a network of participants, or distributed nodes rather than through a third party, such as a bank or credit card company. The point of this process is to make sure that transactions cannot be altered in any way. Ultimately, blockchain provides a means for companies or people who may not know each other to gain enough reputable trust and do commerce.
What Does Blockchain Mean for Trucking?
When it comes to transportation of freight, the ultimate outcome of blockchain would mean using the technology to reduce or remove third-party costs, better protect connected vehicles, and increase transparency.
“Over the next five years, we can envision the massive adoption of several digital technologies, including blockchain, that will provide for the nearly seamless transportation of goods from origin to destination — spanning administrative, custodial, financial, regulatory, and transportation processes,” a BiTA spokesman said in an email according to FleetOwner.com.
BiTA stands for Blockchain in Transport Alliance. BiTA is a member-driven organization; members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission of driving the adoption of emerging technology forward.
Future of Blockchain
The future of blockchain is opening the door for trucking load-matching applications. This can help fleet managers and transportation companies identify excess capacity across distribution networks and better manage load distribution. What this means to the bottom line is enabling companies to perform better when dealing with a shortage of trucks or truck drivers, maximize fuel efficiency or identify places to better utilize budget.
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Headquartered in Indianapolis, Dickinson Fleet Services (DFS) has grown to become one of the largest independent fleet maintenance and management companies in the country. DFS is the leading provider of on-site mobile maintenance and repair services nationwide, offering mobile on-site maintenance and repair services for light, medium and heavy-duty trucks and trailers with over 450 mobile units operating nationwide. DFS services fleet customers with 21 maintenance facilities each offering select services from accident repair, paint, refurbishment and dedicated technician services, combined with an in-house CARES CALL center providing 24/7 repair assistance. DFS has made significant investments in training and technology, including WebWrench® (maintenance tracking and scheduling through proprietary technology) and TRAIT® (real-time reporting and dynamic preventative maintenance inspections processed through a proprietary field service application) and is the only fleet services company in the nation to provide both fleet maintenance and management to its customers nationwide. www.dickinsonfleet.com