BunkerTrace, a fuel tracking solution based on blockchain technology and DNA, announced its launch this Friday, and is ready to partner with commercial companies on top of “bunker suppliers, ports, and operators,” reads a press release on the matter.
Essentially, what the platform intends to do is add in “DNA markers” to fuel during every part of the supply chain. From there, these transactions are then recorded on the network. The idea here is that with the DNA input, those further down the chain can see exactly when and where the items have been delivered beforehand.
Speaking on the matter is the General Director at Cooperative Bebeka, a partner of BunkerTrace:
“Managing the energy procurement now and in the future has our highest priority. Energy procurement is about sustainability, transparency and environment. CSR reporting takes place at boardroom level since company reputation is at stake. With the product portfolio in the marine energy market becoming increasingly complex and diverse in the near future our focus is on expertise and continuously developing of member protection tools and this is why we fully support the BunkerTrace initiative.
Combining these two revolutionary technologies will provide the Cooperative and its members with an independent and transparent method for managing fuel quality throughout the bunker chain. Furthermore, it will support us in identifying the most reliable and trustworthy supply chains and streamline compliance.”
The overall goal here is “evidence of compliance,” reads the post. This way, it’s much more difficult for fuel to be tampered with, lost, mixed, or anything else as there will always be an exact record of where it has been and where it has been sent off to.
“We’d like to thank all our industry partners, colleagues, friends and supporters who’ve helped us get this far so quickly. From Maritime Blockchain Labs’ first consortium in early 2018 to our successful pilot operation in Antwerp/Vlissingen some weeks ago, we’ve come a long way. However, there’s a long journey ahead and we’re inviting stakeholders throughout the industry to join us here,” says Marc Johnson, CEO of BunkerTrace.