Blockchain May Be A Thing Of The Future For Trucking Business

(Last Updated On: December 17, 2017)


From Jim Beach, TruckingInfo:

Blockchain is a combination of technologies that allow transactions between parties via a trusted, shared ledger. Each transaction is coded into a block, which becomes part of a chain of blocks. Entries or changes to the chain cannot be made without authorization of all participating members.

“All automation is ultimately about optimization,” Vernon Tirey, co-founder and CEO of LeaseQ, says. Blockchain is just the next generation in frictionless commerce automation. He believes blockchain can help in three areas for trucking:

  • Authentication – are the people, products and processes what they are claimed to be? Participants and things are vetted by the network so all other participants can see that you are qualified and offering legitimate services or products.
  • Finances – do you have the money and can you make it available on the agreed-to terms at the right time, whether you are a lender, borrower, buyer, seller?
  • Process management – have you completed critical tasks, per the specifications required?

Fleets would have the ability to know everything about a truck from the time it rolls off an assembly line throughout its service life: every oil change, PM, warranty repair, or other service would be visible in the blockchain to all participants.

Recordkeeping required by new food safety rules could be an area where blockchain makes an impact. Walmart is reportedly studying such food chain processes, which would allow the retail giant to know where its various products came from and their condition all along the supply chain.

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