Blockchain use for fuel supply traceability

Blockchain technology looks set to increase transparency and traceability in the marine fuel supply chain Photo: Igor Grochev/Shutterstock.com Blockchain technology looks set to increase transparency and traceability in the marine fuel supply chain Photo: Igor Grochev/Shutterstock.com

Blockchain technology looks set to increase transparency and traceability in the marine fuel supply chain to create better compliance and stronger governance.

A new consortium will demonstrate the application of blockchain as a means of facilitating transparency as part of the maritime-focused Maritime Blockchain Labs (MBL) initiative

“We are delighted to be involved with a consortium that could play an important role in realising the transformative potential of blockchain within shipping, beginning with a timely and relevant first use case in the bunker industry,” said Grant Hunter, head of contracts & clauses at BIMCO, one of the consortium partners.

“Blockchain “Smart Contracts” based on harmonised terms and conditions like the BIMCO Bunker Terms 2018 could be a stepping stone for the industry to achieve greater transparency and efficiency.”

Evaluation

The consortium will bring together Lloyd’s Register, Precious Shipping, Bostomar, BIMCO, International Bunker Industry Association (IBIA), and GoodFuels.

It will evaluate how blockchain technologies could help to provide an efficient, tamper-resistant and auditable chain of custody on quality and quantity recording activities, together with a reputation system of the compliance of fuels prior to purchase, benefitting both buyers and regulatory bodies.

Such characteristics help to provide greater confidence in the fuel being purchased, ultimately resulting in reduced safety risk and creating a more trustworthy framework for accurately monitoring emissions from shipping such as sulphur and carbon.

The project represents the initial stage of the Lloyd’s Register Foundation-funded MBL initiative, the first true industry collaboration for the creation of blockchain technology in the maritime space.

LATEST PRESS RELEASES

MYTASKIT NAMES PACSOFT FIRST INTERNATIONAL RESELLER

Expanding its global presence, MyTaskit has signed its first international reseller. Auckland, New Z... Read more

Vickers Oils are pleased to welcome Ian Bower, Business Development Manager and Esther Murray

Vickers Oils are pleased to welcome Ian Bower, Business Development Manager and Esther Murray, Marke... Read more

SHAFT VIBRATION ELIMINATED WITH VESCONITE HILUBE

After replacing the all-rubber cutlass bearing of his new Jeanneau Sun Fast 35 Tide The Knot a frust... Read more

S/V BRYANA COMPLETES 30,000 NM WITH VESCONITE

A mid-ocean loss of steerage due to a faulty rudder bearing wasn't a scenario Luke Fisher wanted to ... Read more

Experts Highlight Viable Power and Propulsion Solutions for Next Generation Vessels

Lithium-ion battery expert Dr John Warner is presenting at the NEXT GENERATION Marine Power & Propul... Read more

AtZ add stabilizer repair and maintenance to their comprehensive portfolio of marine engineering solutions

Customers within the leisure cruise, naval and passenger ferry industries, are heavily reliant on co... Read more

View all