Fuel fraud is a prevalent issue in the transport and mining sectors. However, blockchain is on its way to revolutionising the fuel tracking sector and securing data.
It’s a common problem in fleet management, yet it’s one that seems almost impossible to solve. It has become an accepted part of transportation. Fuel siphoning, personal filling and poor fuel card use burdens companies.
But how do we stop it?
Blockchain could be the answer.
Blockchain is perfectly suited to fuel tracking because of its traceability, auditability and permanence. The major problem in fraud accountability and fraud is the lack of ability to reliably track multiple data streams. With fuel, data comes in from a variety of sources: from fuel bowsers, fuel cards and individual reporting.
This system therefore can streamline reporting, invoicing and save time and costs.
Blockchain versus traditional systems
Of course, if your fuel usage is small, your company may not need blockchain. Traditional systems, in this case, can be perfectly viable, due to limited streams of data.
However, many transport and mining companies have large, complicated fleets. Fuel data is constantly incoming, and this data must be repurposed into fuel rebates and fuel reporting. This is rarely easy, and is difficult to get accurate.
Blockchain technology can ensure that this data is reliable, permanent and decentralised.
Our platform, STAMP Fuel™, is blockchain-enabled. This provides it with added security and assurance. However, it also gives companies the option of not adopting blockchain, if they do not feel that it is necessary.
STAMP Fuel™ helps companies deal with accurate fuel reporting and fuel rebates. It does this through displaying of data in an easily consumable dashboard and reporting system.
The platform is pioneering the fuel tracking sector with blockchain-secured software to detect fraud, mistakes and incorrect reporting. It can also forecast any potential future problems.
To find out more about STAMP Fuel™, check out our fuel tracking eBook.