COI Uses Blockchain Technology To Clean Oceans And Reduce Waste
The applicability of blockchain technology in various fields has increased remarkably in the past years. The first use of this technology was as a payment medium, providing a secure, quick, and transparent way of obtaining and transferring funds across the world.
The adoption of the new blockchain technology goes ahead of payments as blockchain expanded as a data collection medium, file transfer protocol, credentials verification tool, etc.
Blockchain technology is also used in the ecology and sustainability sectors. Looking at the marine industry, all ship-related information, like routing information, spillages, and fuel levels, are assembled manually and are then being copied to a non-uniform language. The complexity of the process builds limits for the terms of quality waste management services, reducing the effectiveness of the provided services.
A Slovenia-based company, ‘Carbon Offset Initiative’ (COI), focuses on providing the power of blockchain in an attempt to reduce waste. They developed hardware and software solutions, facilitating monitoring, interpretation, and management of the waste neglected by gigantic cargo ships.
The blockchain of the Carbon Offset Initiative is based on the Ethereum protocol. It uses smart contracts to check information transmissions and payment transactions, by using satellite data, each supervised parameter can be immutably saved on the public blockchain, making it almost impossible to forge.
All users on the chain, from recycling centers to ship operators, could profit from the blockchain by oil incineration, cutting fuel costs, the settlement between parties, and slops management.
The hardware consists of multiple sensors, including vibration sensors, lasers, and cameras. The sensors would be installed on the vessels and would track the quality and quantity of oil in the bunkers and slops tanks.
Fuel consumption, Humidity, temperature, and routes will also be recorded and sent directly through satellite connection to cloud data centers.
In 2017 the companies behind the project,’ Clean Sea Services’ and ‘Urban Management,’ considered a likely partnership, and in the year 2018, the COI was formed. Established by the EU Business School (EUBS) professor ‘Jean-Christophe Vautrin’ and EUBS alumnus ‘Vuk Bjelajac,’ the company sets the stake high. It takes the energetic initiative of drastically reducing carbon footprint in the maritime industry.
The COI’s team members have the affluent industry knowledge and professional expertise, few of them being EUBS lecturers and students.
COI launched an ICO fundraising, available to almost everyone across the world. The company is organizing its first IEO session on the P2PB2B exchange on 25th November 2019, running in correspondence with the ICO.