If there’s a hype machine in trucking that everybody seems to want in on but few know what it means, it’s the one around “blockchain.”
In its most basic form, it’s a way of distributing stored information in an online system to enhance visibility to parties contributing to the chain or using it. At the same time, it improves security of that information.
The concept emerged from the security infrastructure that Bitcoin, a decentralized digital currency, was built on. Those who understand it say its potential is great. It poses few downsides for freight and financial partners willing to operate with more transparency into their operations.
“I don’t think that small fleets will be the first adopters” of technologies associated with blockchain transactions, says Sandeep Kar, chief strategy officer of telematics provider Fleet Complete.
At the same time, he adds, “Larger fleets can benefit, but I believe blockchain will empower the small fleets most.” That includes one-truck independents, who will have opportunities to find new customers, break into new markets and speed up and/or automate their interactions with current partners.
