Forbes reports that IBM Benelux (Belgium-Netherlands-Luxembourg) is turning to blockchain technology to assist with the fight against bicycle theft in Netherlands, where 84% of the population owns one or more bicycles.
There are more bicycles in the Netherlands than there are people. And since there are 17 million inhabitants with 13.5 million cyclists, it comes as little surprise that there are over 22 million bicycles on the road, according to 2017 figures.
IBM has done quite a bit of research and concludes that bicycles are important in Western Europe, but there is a cumbersome process that comes with protecting them from theft. The global tech giant has now built a platform on blockchain which can be accessed my multiple actors on the same level to deal with each other with absolute trust.
“We started looking at blockchain about two years ago, and it looked like a perfect solution for us to do another form of registration where quite a lot of parties are involved, and you are trying to build trust between all the parties involved.”
Louis de Bruin, IBM Blockchain Lead in Europe, said that the multiple and complicated points of information exchange between police, owners and insurance was such a cumbersome process but a blockchain platform could change all that:
“The bike blockchain simplifies the stress. All information about the stolen bicycle and the owner are recorded on the blockchain and available for all parties to access at the right moment. With the bike blockchain a claim for a stolen bicycle can be handled from A-Z in a matter of seconds rather than weeks or months.”
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