Bunkertrace, A Blockchain And DNA-Based Fuel Tracking Solution
Bunkertrace, a blockchain and DNA-based fuel tracking solution, is utilizing DNA markers to trace bunker fuel oil all through the supply chain.
In an article by the American Journal of Transportation on the 21st of October, Bunkertrace announced its commercial launch. It comes after a successful trial in the Netherlands, where the company added DNA markers to bunker fuel oil.
The new solution is a combination of synthetic DNA markers and blockchain technology that helps with tracing of fuel and tracking when there are any changes made. The company then records each transaction in a blockchain-based system, which helps with better transparency. The transparent chain of custody helps in the management of risk for marine fuels.
BunkerTrace CEO Marc Johnson mentioned:
“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.”
The first trial of Bunkertrace ended in early October on the Boskalis-owned dredger Prins der Nederlanden. It was also where the company successfully detected a unique DNA mark with an onboard analysis case, with the results logged onto the blockchain.
Distributed ledger technology like blockchain is implemented in various fields of the hydrocarbons industry and supply chain.
Back in September, it was reported that an Indian automobile manufacturer, Tata Motors has made a statement on their willingness to adopt blockchain. They were keen on using its new-age solutions for the real-time monitoring of fuel quality.
Sinochem Group, a subsidiary of Chinese oil and also a chemical giant, was reportedly in discussions with Royal Dutch Shell and Australian financial services firm Macquarie Group the same month.
The focus was on developing a blockchain platform for crude oil. Reports claim that the platform will help in the elimination of inefficiencies in trade and settlement. It will also help in enhancing transparency and thereby help in working towards reducing the chances of fraud in the oil industry.