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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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BLOC system completes maiden blockchain bunker transaction

Designed to ensure end-to-end traceability and digital provenance for potential quality and quantity disputes.



Image credit: Pixabay CC0


Updated on 19 Sep 2018 12:13 GMT

Digital solutions provider Blockchain Labs for Open Collaboration (BLOC) has announced the completion of its first bunker transaction - and resulting delivery - using blockchain technology.

The first delivery was made to a Samskip vessel via a Reinplus Vanwoerden bunker barge in Rotterdam on September 7.

Using a decentralised, distributed and public digital ledger, the BLOC system is designed to provide end-to-end traceability of marine bunkering transactions - from storage, to the barge or jetty, and on to the vessel's fuel tank.

In addition to being BLOC's first blockchain transaction, the Samskip delivery was also the first for Maritime Blockchain Labs (MBL) - an initiative by BLOC of blockchain pilot projects conducted in collaboration with blockchain practitioners and industry actors.

Furthermore, it was the first low-carbon marine fuel delivery as part of the GoodShipping Program - a project that aims to drive the use of truly sustainable fuels, and which requires shippers to commit to a reduction in their sea freight CO2 emissions by purchasing biofuel.

Deanna Macdonald, CEO of BLOC, said: "This project not only allows us to validate the value of blockchain technology in the marine fuels supply chain, but also to identify incentives to ensure that users input correct information into systems, and that any technology and systems created can be used as widely as possible.

"The bunker industry - with its multiple large volume transactions, and history of fraudulent claims - provides an ideal platform to examine where blockchain's digital platform can be utilised to increase transparency, and create better compliance and strong governance. The fact that the first transaction was for low-carbon fuel makes both the project and the opportunity for the future all the more exciting."






Related Links:

BLOC announces consortium for blockchain in bunkering
Veg oil bunkers: GoodShipping completes first fossil-free ocean freight shipment

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