The Dutch company Koopman Logistics is one of the first transportation companies to make use of IBM blockchain technology.Logistics Industry is seeing the benefits that blockchain technology can provide, and Koopman is proving to be a shining example of that.
With over 1,000 people employed by the company in terminals throughout the Netherlands, Belgium, and Germany and a fleet of over 500 vehicle transporters, Koopman is one of the leading providers in the finished vehicle logistics market in Europe.
IBM blockchain technology was used in a vehicle delivery trial in April which involved the automating of administrative functions to provide precise real-time tracking information for each unit.
According to the CEO Jon Kuiper, the IBM blockchain technology allowed the company to provide accurate information as to the location of each vehicle and their status during each point of the delivery process.
The technology was also used in the delivery process, including proof of delivery and electronic consignment documentation.
CEO Jon Kuiper believes that the IBM blockchain technology could save the industry around EURO 775 million on an annual basis. A significant number of FTEs are currently tied up in cumbersome invoicing and payment processes, and delayed payments have a negative impact on cash flow.
By digitizing processes and creating trusted records that are shared between all partners, their solution will accelerate the cash-conversion cycle and cut out huge amounts of waste.
When asked what prompted him to look at the IBM blockchain technology as a solution, Kuiper said commented that their technical and business analyses both pointed to IBM as the best partner for Koopman.
There are already suggestions that the technology could be used in the future to store legal and financial information.
Being able to store customs documentation, VAT records, legal proof of ownership, and tamper-proof odometer readings would go a long way toward increasing customer confidence in the second-hand car industry.
Mileage and VAT fraud is estimated to cost the EU around EURO 10 billion annually, and blockchain technology could significantly reduce that cost.
