Tseke Registry manages an online verification service platform to verify ownership/status of construction equipment, the target market for the system is the rental market for construction equipment and related industry. We started the company after witnessing some of our colleagues in the industry losing their equipment to thieves and these equipment have not been recovered, that is when we started to work on the system and platform that will enable potential hirers of equipment to check the status of the equipment before they allow it to commence work on the construction site. The platform will protect hirers of construction and related equipment from been supplied with stolen equipment by third parties, construction equipment worth hundreds of millions gets stolen annually in South Africa and are never recovered most of it end up in the rental market as no checks that are in place to identify them.
We verify ownership and status of the equipment to check if it is not reported stolen or if there is any other adverse report on the equipment like having previously been involved in an accident or written off. Generally in the construction and related industries, various heavy duty equipment are been used by contractors, we are of the view that not many contractors own these equipment and machinery. Therefore the usual practice within the industry is for the contractors to rent out equipment from various third parties. In renting the equipment, there is a risk that the contractor may rent stolen equipment without his/her knowledge. This may result in a particular contractor having supported illegal activities without his/her knowledge. Usually construction companies do not bother to check the status or integrity of the equipment they hire from third parties. We have tested the system of some of the big JSE (Johannesburg stock exchange) listed construction companies and we have found them vulnerable in that they cannot prevent stolen equipment from getting hired on their construction sites.
We are solving a problem of theft of construction equipment; this problem affects mostly the insurance industry in that they pay out hundreds of millions in claims as a result of theft of construction equipment.
Our verification system is based on a Product Identification Number (PIN). This number is allocated /imprinted to a particular machine and it will be the same on the machine for its entire lifespan. A machine can have a registration number changed if it is moved or sold to a different owner who lives in another province. Another issue is that thieves can put a legitimate registration number on a machine that does not belong to that machine; hence our system will only use the PIN as a starting point before checking if the registration papers match what has been provided.