Maritime Blockchain Labs (MBL), a partnership between Lloyd’s Register Foundation and BLOC, announced a real-world testing phase for a technology solution that improves traceability and trust in bunker fuel supply chain.
The collaboration between the two companies aspires to get an insight in the use of blockchain for the assurance and safety of critical infrastructure and drive new business models for the global maritime industry. The project will provide fuel origin, journey and characteristics for the maritime sector and is a step closer towards commercialisation.
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Moreover, the following phase consists of a further development and scaling of the solution capturing fuel deliveries and associated verified data into the system. This will be achieved through partnership between ship owners or operators, fuel suppliers, port authorities and a fuel testing body. Also, MBL invites stakeholders, among these groups, to join and co-sponsor this phase. The latter, is expected to start on January 2019.
During September 2018, the development of a marine fuels quality tracing and compliance prototype combined testing in an unreal environment. The demonstrator closed with the prototype being used for the manual capture of the world’s first end to end fuel transaction on a blockchain in the Port of Rotterdam.
Also, Deanna MacDonald, CEO of BLOC, addressed that through the testing phase it is obvious that managing marine fuels’ quality and quantity assurance is a crucial challenge in the maritime industry.
Finally, MBL’s platform supplies a chain of custody on quantity and quality documentation, which in the future will acquire a support system concerning marine fuels.
