Specifically, Marfin will use the system to track marine fuel, using synthetic DNA markers at specific points of the supply chain and record each transaction in a blockchain-based solution.

As the year entered, compliant fuel plays a major role and has been at the centre of discussions as IMO's 2020 sulphur cap regulation came into force and the discussions about a more sustainable industry have been growing.

Also, Marfin Management, which has managed and operated handymax to ultramax dry cargo vessels since 1926, will use this technology to monitor the fuel that is being used on its ships.

Commenting on the new partnership, Marfin Management S.A.M CEO Alex Albertini stated

Our aim is to take back control of the entire bunkering process, from insurance and supply to purchasing and bunkering.

Overall, BunkerTrace was launched in 2019 and is based on blockchain technology.