Koopman Logistics, a company located in Dutch, Netherlands has become the first and the foremost company to utilize IBM Blockchain Technology.
Logistics is one of another industry which is observing what kind of benefits blockchain technology can offer and Koopman is the real example of that.
Koopman has employed more than 1000 people in terminals across the Netherlands, Belgium, and Germany and a swift of over 500 vehicle transporters. This indicates that Koopman is one of the major providers of finished vehicle logistics market in Europe.
IBM blockchain technology was utilized in a vehicle delivery trial which included automating administrative functions in order to provide accurate “real-time” tracking details of each and every unit.
Jon Kuiper, CEO of Koopman declared in April that, he is grateful to the system, the firm is able to give precise information on the location of each vehicle and their status throughout each point of the delivery process. Apart from this, the firm also utilized the system to handle the electronic transactions needed in the delivery process along with electronic consignment documentation (eCMR) and proof-of-delivery.
Here, blockchain technology uses the vehicle identification number (VIN) in order to track the vehicle from production to destination. Information is monitored and connected to the VIN comprises geographical location, knowledge of any harm to the vehicle, any applicable transactions and any of the technical changes to the vehicle.
Jon Kuiper also assumes that IBM blockchain technology could save the industry about EURO 775 million on an annual basis. He further said, “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 forming trusted records which are shared between all partners, our solution will speed up the cash-conversion cycle and reduce huge amounts of waste. What’s more, the availability of accurate, real-time information on vehicles will make it possible to hold partners accountable for the damage. One customer has told us that he loses €2 million a year in damage to cars during the handover process– our solution could eliminate this.”
Permissioned blockchain facilitates trust
When CEO was asked about what stimulated him to use the IBM Blockchain Technology as a solution, Kupier declared that “our technical, as well as business analyses, both, directed to IBM as the best partner for Koopman.”
He further said “On the technical level, we desired to utilize Hyperledger Fabric as a permissioned blockchain is best in a scenario where each party wants to know and trust the other companies they are doing business with. Another factor for a permissioned blockchain is that this supply chain includes billions of Euros of assets passing through the hands of multiple different partners.”
Moreover, there are plenty of suggestions which indicates that technology is much useful to store legal as well as financial information in the near future. With the help of this technology, any firm can list customers documentation, VAT records, legal proof of ownership, accurate odometer readings which will be helpful to enhance customer confidence in a second-hand car industry.
Koopman logistics was found in 1930 by Sieb Koopman. Initially, the firm transported milk, building materials, and sugar meals. Later, the firm started transportation of cars in 1964. Presently, Koopman Logistics is the leading vehicle transport company in the Netherlands consisting of more than 480 trucks.