Companies globally are experiencing what we call the ‘fuel problem’: thousands – and in some cases, millions – of litres of fuel are being lost to fraud, miscalculation and poor fuel management every year.
The total cost of this fuel loss is incalculable and causes significant damage to companies. Too often, this loss is viewed as a ‘cost of business’; however, it doesn’t have to be. It can be dealt with through efficient fuel tracking. Our blockchain-backed platform STAMP Fuel handles this all for you.
Where the loss is coming from
The ‘fuel problem’ does not merely come down to siphoning or accidental causes. It can also be attributed to fuel card fraud, fuel type fraud, and hazardous driving that causes unnecessary fuel usage. The problem is fuel being used where it shouldn’t be, due to an inability to track where the fuel is going.
Without an effective fuel tracking system, the reason for this loss is difficult – if not impossible – to discern. While not all loss is suspicious, an investigation recently done by Blockhead Technologies through implementation of our platform STAMP Fuel found that a huge 10% of an underground mining company’s fuel usage was classified as ‘suspicious’. That amounted to a loss of over a million dollars – too much for companies, especially smaller ones, to throw away on fraud.
How a fuel-tracking blockchain platform could be the solution
Many companies have implemented fuel management software with limited success. So, why would blockchain technology be any different?
The potential of blockchain technology is in its ability to traceably and transparently record data. In STAMP Fuel, your important fuel data is seamlessly written to the blockchain, which means that it cannot be adjusted or removed without visible evidence. This, in turn, mitigates the risk of deliberate fraud.
This also means that all data is recorded in a centralised place and fuel loss is easily traced back to its original source. STAMP Fuel allows you to determine the origin of fuel usage (often from data input from sensors, which can be pre-existing) as well as fuel card usage, right down to the original user or vehicle.
STAMP Fuel is perfect for any company that has fuel usage to track. Even the most optimised of fuel supply chains can be vulnerable to fraud, and can obtain cost gain from using the platform. Interested in finding out more? Click here, or you can view a video demo here.