Fuel fraud is a major problem in transport and mining. Yet many companies have come to accept that it’s simply a cost of business. It doesn’t have to be, as blockchain technology is on its way to revolutionising the fuel tracking sector and securing data.
Fraud is a common problem in fleet management, yet it’s one that seems almost impossible to solve. While many do the right thing, large amounts of fuel can be lost over time by small amounts of fraudulent behaviour. Fuel siphoning, personal filling and improper fuel card use burdens companies.
Why blockchain?
Blockchain is perfectly suited to fuel tracking because of its traceability, auditability and permanence. Many companies don’t have the software to identify fraud as they track multiple data streams. Fuel usage 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 vs. traditional systems
Traditional systems, in some cases, can be perfectly viable, if the company is only handling limited streams of data. If, however,
However, many transport and mining companies have expansive fleets. Fuel data is a constant stream, and this data must be repurposed into fuel rebates and fuel reporting. This is rarely straightforward and is difficult to get accurate. Your company could be losing far more money than it realises.
Blockchain technology can ensure that this data is reliable, permanent and decentralised.
STAMP Fuel™
Our platform, STAMP Fuel, is blockchain-enabled. This ensures that your data is secure, traceable and ultimately transparent.
STAMP Fuel also gives you the option of not using blockchain, if it’s not the right fit for your company.
STAMP Fuel helps companies comprehensively handle accurate fuel reporting and fuel rebates. The platform does so 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.