Maritime Blockchain Labs (MBL), a subsidiary of blockchain technology and governance group Blockchain Labs for Open Collaboration (BLOC), has set up a consortium to address traceability in the marine fuel supply chain.
MBL identified the bunker industry – and its multiple, complex transactions – as an ideal use case where blockchain technology can increase transparency and compliance.
The new consortium is made of up shipping industry actors, including Lloyd’s Register, BIMCO and the International Bunker Industry Association. Together they will evaluate how blockchain technologies could provide an efficient, tamper-resistant and auditable chain of custody on quality and quantity recording activities.
The consortium will also aim to create a reputation system that tracks the compliance of fuels prior to purchase. Reliable tracking of bunker characteristics will provide greater confidence in the fuel being purchased, resulting in reduced safety risk and a more accurate framework for emissions monitoring.
“MBL takes an industry-led approach – meaning that the solutions will be identified, designed, and tested by the industry itself, with MBL facilitating governance and developing the technology to ensure these solutions are relevant and used,” says Deanna MacDonald, CEO and co-founder of BLOC. “A consortium approach is essential due to the need to cross regulatory boundaries and work within different organisational bodies and systems.”
Other consortium members include cargo ship owner Precious Shipping, dry bulk operator Bostomar Shipping and marine biofuel supplier GoodFuels.