As blockchain technology crops up slowly in every sector, stakeholders in each industry are finding different use cases for the technology leading to creations of innovative solutions. For BunkerTrace, its unique DNA and blockchain linked fuel tracking solution has found use cases in the fuel sector.
After running trials in the Netherlands, BunkerTrace has now unveiled its solution for use commercially in the fuel sector. Through a partnership with Bebeka, BunkerTrace was able to track the movement of fuel from the source to its final destination through the use of DNA fuel markers.
How BunkerTrace Works
The DNA fuel markers are just tags that enable BunkerTrace to track the movement of fuel while creating an immutable audit trail with data stored on a blockchain ledger. The DNA tags enable tracking while blockchain comes in to provide real-time data for all participants. However, the BunkerTrace solution doesn’t just monitor the movement. It also keeps records of any changes made to the fuel.
Similarly, sign offs at any stop point, together with other activities, are also recorded to ensure end-users get the right products. However, that’s not all. Through BunkderTrace DNA and blockchain solution, stakeholders can quickly ascertain that the fuel they are buying, moving, or selling is in compliance with IMO regulations. For the latter task, stakeholders will turn to the DNA tags and records on the blockchain technology. The analysis process is easy and takes less than a minute to analyze the fuel in transit.
“As we approach IMO 2020, we are seeing fundamental changes taking place in the dynamics of the bunkering market. Although change is inevitable, it is coming with uncertainty and risks,” said Marc Johnson BunkerTrace CEO. He further added,“The latter leads to all stakeholders, whether policy enforcers, operators, credit providers, insurers, and financers being on the receiving end. However, as BunkerTrace, our solution is offering a way out for all.”
Besides BunkerTrace’s solution, other projects similar to the above include that of Tata Motors and Sinochem Group. The latter has plans to use a blockchain-based platform to get rid of inefficiencies in crude oil. On the other hand, Tata Motors plans to use blockchain technology to monitor fuel quality. However, all in all, all use cases point to blockchain technology being used to improve how business is done.