Skip to content

How Blockchain Technology can streamline fleet preventive maintenance

  • by

Fleet preventive maintenance can help you to eliminate your problems. It’s a cost-effective way to extend the life of your vehicle.
Inability to manage a fleet can lead to poor vehicle conditions, which could endanger drivers’ safety. It’s important to take care of your vehicle.
Many people decide to ignore the regular checkups. This can have serious consequences for the company. Albert Einstein said: “Intellectuals can solve problems; geniuses can prevent them”.
Fleet preventive maintenance is not only effective but also requires a lot work and attention to details. We live in a world that is tech-driven, and blockchain technology has been deemed the future.
77% of executives know that not using blockchain will put their business at a disadvantage. Blockchain technology is used in many industries today, but how does it improve fleet maintenance?
Let’s dive right in and find out more!
Benefits of fleet maintenance
It is not funny to run a fleet. Fleet managers must take detections and precautions very seriously. Fleet preventive maintenance is the most effective way to achieve this. It is also extremely beneficial for fleet businesses.
1. Reduce repair costs
Humans are known to procrastinate and, as we know, we end up drowning in last-minute tasks. Postponing vehicle maintenance will only lead to costly repairs.
How many times have your plans been thrown off by an unexpected vehicle breakdown?
A fleet maintenance plan will eliminate unexpected road stops. You won’t have to worry about expensive tow trucks or clogged engine. This will have a direct impact on capital savings and create more revenue for your business.
2. Safety is a priority for all drivers
Remember that vehicle malfunctions can pose a danger to the safety of your drivers. Safety should always be a priority! Drivers already face dangers. They should feel at least comfortable in the vehicle that they are driving.
Did you know that every year, 130.000 people are injured by truck accidents? These are alarming numbers, and safety is something that should not be ignored. The fleet preventive maintenance program will make vehicle inspections a regular occurrence, increasing safety for drivers and vehicles.

3. Enhance the customer experience
Customer satisfaction is a crucial factor in the success of any business. You may find that your business performance suffers if you have to deal with constant vehicle breakdowns. This is because deliveries will not reach customers on time. Preventive maintenance is your best option to avoid this.
Fleet vehicles are always in top condition, and the likelihood of vehicle problems occurring is reduced to a minimum.
4. Reduce fuel consumption
Regular tire maintenance and oil changes can maximize the life of your vehicle. Fuel efficiency can be increased by taking these timely precautions. Fuel costs will be reduced as your vehicles will not use more fuel than necessary.
Blockchain technology can be used to streamline fleet maintenance.
Blockchain is a ledger that is decentralised and contains a list of records with high security. Blockchain is often associated with bitcoin but has many other applications. In recent years, it has found use in fleet businesses.
The following points will explain the benefits of blockchain technology for fleet maintenance.
1. Connect blockchain to the vehicle’s telematics systems
Fleet telematics alone is very beneficial, but when combined blockchain, it becomes even more effective. Previously, communication between fleet managers and drivers on the road was nearly impossible. It took a long time to resolve a vehicle problem.
Today, the situation is completely different. Fleet managers can now access blockchain technology to know the condition of their vehicles before they hit the road. They are also notified about any malfunctions in real time. Repair centres can also quickly diagnose vehicle faults and schedule preventive maintenance checks.
Blockchain is primarily known for its ability to store data. What does this mean to your fleets?
The entire performance and maintenance history will be stored securely. This will help you make the best decisions when purchasing a truck or trailer, as all of the information is at your fingertips.

2. Combine blockchain and IoT (Internet of things).
Fleet managers can track the location of fleet vehicles, the opening and closing of doors and the cargo volume in real time with the sensors installed in their fleet vehicles. What happens if the information is needed later for preventive maintenance purposes?
Blockchain technology can help. The information can be sent to a blockchain where it is stored and accessible at all times.
You may wonder why we need blockchain for tracking when GPS and RFID tags are already available. Simple, these methods can be prone to errors and fraud. Blockchain has many security features built in, making it nearly impossible to hack.
3. Buy blockchain-based load matching app
The app connects truckers with shipping companies. Blockchain technology has expanded its uses. You can use this technology to your advantage in order to identify and coordinate efficient distribution and transportation across networks. It can help fleet management cope with driver shortages, and also maximise fuel efficiency.
Blockchain can also help fleet management by reducing costs and improving fleet efficiency.

Effective payment methods Smart contracts are the most popular use of blockchain technology. Smart contracts are computer programs that run automatically when certain conditions are met. This means there are no third parties involved in the process, and you don’t have to go through a bunch of documents.

Smart contracts are now also available for fleet management. The funds will be transferred immediately to the driver’s bank account once the driver has completed his shipment contract. You can be assured that the transaction is secure.

Transparent shipping. Blockchain technology allows you to monitor the loads that a vehicle carries. This information can be uploaded to a blockchain and made available to everyone. Each change will be updated immediately.

This is an excellent way for customers track their order up until it arrives on their doorstep. This is not only an effective shipping strategy but also builds trust between the customer, the fleet business and the company.

The downsides of Blockchain technology
Blockchain is a powerful technology that continues to amaze. However, it does have some disadvantages.
Blockchain is a relatively new technology, and as such, it hasn’t been widely adopted. It must be widely accepted to reach its full potential. A customer must be familiarized with the technology before they can track their orders.
The implementation of blockchain technology can be costly, which is a major disadvantage for businesses. It also consumes a large amount of energy. This means that huge amounts of server capacity are required to run it.
Blockchain is all about transparency. However, not everyone is comfortable with their data being made public. It is impossible to alter it, but certain transactions require more privacy.
It is amazing, and while it does have some disadvantages, its acceptance just grows with time. The blockchain technology is very useful for the financial sector, but it will take time to see if its trucking potential can be realized.
Can blockchain technology benefit the fleet industry?
The blockchain technology is still at its infancy. It’s still too early to draw any conclusions, but the feedback so far is positive. Blockchain has been a worthwhile investment for the trucking industry. It’s helped track drivers and vehicles, reduce costs, and improve customer experience.
Blockchain can be used to develop a fleet maintenance plan that is essential for fleet performance.
Blockchain technology has the potential to transform the automotive industry. Successful fleet businesses are characterized by a long vehicle life, on-time delivery, an effective fleet preventive maintenance program, and satisfied clients.
Blockchain can certainly help your fleet business to grow. You are the one who will decide the future of fleets. Are you ready to improve your fleets?
Author bio
Makedonka Micajkova, a freelance writer and translator who brings creativity and originality into the table, is a freelancer content writer and a translator. It’s not surprising that she is passionate about languages. She is multilingual and has professional proficiency in English as well as German and Spanish. She is a skilled communicator as a result her three years experience as a Sales Representative. You can find her at Linkedin.
The post How to Streamline Fleet Maintenance with Blockchain Technology appeared initially on Fintech News.