The increasing use of blockchain technology will go hand in hand with growing advances in the commercial vehicle industry, especially through digitisation and automation. Key trends such as digital transformation, rise in automation, modern logistics systems, and proliferation of financial technology (fintech) influencing trucking are expected to drive the adoption of blockchain technology in the commercial vehicle (CV) industry. Some of the key advantages of using blockchain in the commercial vehicle industry are added transparency on ownership, price, and processes. It would also accelerate payment, enhance security, and eliminate fraud along with eliminating middlemen, reducing paperwork, and streamlining the supply chain.
Blockchain’s impact on the CV industry is expected to gradually increase in the coming years, especially after 2020. It is, however, largely dependent on the level of automation and proliferation of technology in the industry mandating support for these advances. Blockchain will radically simplify and accelerate the business operations of all key stakeholders involved in the trucking industry. It will also enable all key stakeholders involved across the logistics supply chain to interact on a common platform.
Blockchain has been implemented in certain pilot projects in the food supply chain industry, logistics industry led by Maersk and IBM on the Hyperledger platform, and for Toll Collection Systems (TCS) through a truck wallet system created by Blockchainfirst. Blockchain has the potential to completely transform fleet operations through efficient performance by offering sustainable benefits and added security. Truck fleets are expected to benefit considerably through blockchain solutions that allow for efficiency, security, and time and cost reductions across various areas such as leasing, insurance, service and maintenance, refuelling, parking, freight brokering, and cargo safety. The vehicle purchasing process for fleets using blockchain brings all the relevant stakeholders on a common platform, enabling them to share and view information in real time. Investing in blockchain is expected to smoothen fleet operations by improving overall operational efficiency and reducing costs.
The penetration of blockchain platforms in the industry is currently limited only to selected solution providers such as Hyperledger, BigchainDB, and Blockchainfirst engaged in vehicle tracking, recharging, and automated toll collection for trucks. By 2025, 10-15% of the entire CV industry transactions are expected to be on blockchain; which will push OEMs and suppliers to invest actively in the blockchain infrastructure in partnership with tech consortiums, financial institutions, and regulatory establishments. Suppliers will see great benefits being on the same blockchain platform as OEMs and final customers. This is expected to reduce the cost and time for spare parts and warranty issues as well as hasten recalls.
This research report includes following segments:
- Heavy Duty Truck
- Medium Duty Truck
- Light Duty Truck
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Key questions answered:
- What is blockchain and how is it applicable to the commercial vehicle industry?
- Impact of blockchain on the commercial vehicle industry and areas where it can replace traditional transactions?
- What are the various use cases that blockchain technology can support the commercial vehicle industry in?
- Who are all the key participants involved and what is the future outlook for blockchain technology in the commercial vehicle industry?
1. Executive Summary
- Implementing Blockchain in the CV Industry - Benefits and Challenges
- Key Takeaways
- Automotive Ecosystem on Blockchain
- Blockchain for Fleets
- Key Trends Driving Blockchain Technology in Trucking
- Commercial Vehicle Industry-Blockchain Impact During 2017-2025
2. Research Scope, Objectives, Background, and Methodology
- Research Scope
- Research Aim and Objectives
- Key Questions this Study will Answer
- Research Methodology
3. Blockchain - Definitions and Segmentation
- Definition and Properties
- Overview of Transaction Flow
- Common Terminologies
- Types of Digital Currencies
4. Blockchain in Trucking
- Business Model Impact of Blockchain on Commercial Vehicle Industry
- Aspects in Trucking Impacted by Blockchain
- Key Industry Stakeholders Impacted by Blockchain
5. Blockchain - Use Cases
- Blockchain - Urban eCommerce
- Blockchain - Food Supply Chain
- Case Study - IBM-Maersk on Blockchain
- Case Study - Blockchainfirst’s Toll Collection System
6. Blockchain for Truck Fleets
- Blockchain for Fleets
- Purchasing Process on Blockchain
- Service and Maintenance for Truck Fleets on Blockchain
- Fleet Operations on Blockchain
- Automated Refuelling and Parking on Blockchain
- Freight Brokerage on Blockchain
- Security and Insurance on Blockchain
7. Profiling of Select Blockchain Platform Providers
- Blockchain Platform of Key Technology Companies
8. Growth Opportunities and Companies to Action
- Blockchain Startups Contributing to Automotive Industry Modification
- Growth Opportunities-Disruptive Applications and Future Success
- Strategic Imperatives for Success and Growth
- Road Map of Trucking Services on Blockchain
9. Key Conclusions and Future Outlook
- Key Conclusions and Future Outlook
- The Last Word - 3 Big Predictions
- Table of Acronyms Used
- Legal Disclaimer