Can Blockchain Technology Help Clean Oceans And Improve Waste Management Practices?

Can Blockchain Technology Help Clean Oceans And Improve Waste Management Practices? 1

The block chain technology had a primary usage as payment medium, providing a quick, secure, and transparent way of collecting and transferring funds all round the world. However, with the new technology, blockchain is being used as a medium for data collection, credentials verification tool, file transfer protocol, etc.

The ecology and sustainability sector also use blockchain. Focusing on the maritime industry, all the data related to the ship like routing information, fuel levels, and spillages, are collected by hand and are then transcribed to a non-uniform language. Barriers are created because of the complexity of the process for the provision of quality waste management services, reducing the efficiency of the provided services.

Carbon Offset Initiative (COI) which is a Slovenia based company aims to use the power of blockchain to decrese the waste. Hardware and software solutions were developed which enabled monitoring, analysis and the management of the waste which is left by large cargo ships.

The blockchain of COI is based on the Ethereum protocol and makes use of smart contracts for the verification of data transmissions and payment transactions. Every parameter can be stored on the public blockchain immutably by making use of satellite data and thereby making it impossible to counterfeit. Every user on the chain from ship operators to recycling centers would have an advantage from the blockchain by cutting fuel costs, oil incineration, slops management (slops resemble hydrocarbon-rich compounds, which are generated by ships), and settlement between parties.

The hardware consists of different sensors which compromises vibration sensors, cameras, and lasers. The sensors will be installed on vessels and the real time quality and quantity of the oil track in the bunkers and slops tanks can be tracked. Humidity, temperature, fuel consumption, and routes will also be recorded and will be sent directly through satellite connection to cloud data centers.

The companies that are responsible for the project, Clean Sea Services and Urban Management, talked about the possibility of partnership in 2017 and the Carbon Offset Initiative was established in 2018. EU Business School (EUBS) professor Jean-Christophe Vautrin and EUBS alumnus Vuk Bjelajac founded the company. The bar is set high by the company and it aims to decrease carbon emission in the maritime industry. The team members of COI have a great knowledge and experience of the industry. Some of them are lecturers and students of EUBS.

An ICO fundraising was launched by COI which was available all around the globe. The IEO session on P2PB2B will be organized by the company on the 25th of November 2019 which will run parallel with the ICO.

 

Reference: globenewswire

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About the Author: Tanya Agarwal

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