Blockchain And DNA-Based Marine Fuels Tracking Solution BunkerTrace Goes Live
After a successful trial on the 3rd of October in the Netherlands in partnership with Cooperative Bebeka, BunkerTrace that provides a unique blockchain and DNA based tracking system on Friday announced its commercial launch.
After announcing about the launch of Aracon, the BunkerTrace will now receive requests for commercial partnership and adoption by bunker suppliers, ports and operators.
DNA markers are added to the fuel at each stage in the supply chain and each transaction is recorded in a blockchain-based system by the solution. This has interested a lot of ports, Bunker suppliers and vessel operators.
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Harry Vasse, General Director at Cooperative Bebeka, commented, “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 the 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 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.”
BunkerTrace CEO Marc Johnson commented, “As IMO 2020 approaches, we’re seeing fundamental changes to the dynamics of the bunkering market, which in turn creates uncertainty and risk: risk for owners, charterers, credit providers and financiers in the fuels they buy or fund; risk for insurers in establishing the risks they must manage; risk for operators and the fuels they burn; and for enforcers policing the fuels market. That’s why BunkerTrace exists.
“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.”
An immutable audit trail is created by BunkerTrace through the combination of blockchain and DNA based tagging thus, following the fuel and any changes made to it. All the activities and sign-offs by actors that are transacting the fuel are also recorded. BunkerTrace complies with IMO 2020 and makes sure that at every point in the supply chain, the stakeholders can easily check if the fuel that they are moving, loading, buying or selling is what the product is meant to be even if the fuel is blended or mixed.