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Maritime Blockchain Labs (MBL), a partnership established by Lloyd's Register Foundation and BLOC, has announced its first demonstrator project, a set-up and a phase of further development.
MBL, which explores the applications of blockchain for the assurance and safety of critical infrastructure,
According to a statement, the next step for the solution is provable to be scaled, enabling the platform to capture fuel and associated verified data.
MBL's platform provides a chain of custody on the supply chain, which in turn will provide a decision support system around marine fuels.
Read more about BLOC's work is changing the maritime sector by reading a Port Technology technical paper
It is intended that this development phase will be undertaken by a group of suppliers, fuel suppliers, port authorities and a fuel testing body.
A prototype digital system, providing fuel assurance for ship owners and suppliers, has been developed in 2018 with a consortium including the International Bunker Industry Association (IBIA), LR's FOBAS team, Bostomar, Heidmar, BIMCO, Goodfuels and Precious Shipping.
The creation of a marine fuels quality tracing and compliance prototype involved in a simulated environment, which took place in September 2018.
This prototype was ultimately used for the manual capture of the world's first end to end in the port of Rotterdam.
Great to talk with @MaerskGrowth's @saxberg about how #blockchain technologies can help de-risk marine fuel supply chains. It's been a big week for # IMO2020 – now we need to collaborate and build the solutions. pic.twitter.com/mmaRdTirh1
– BLOC (@un_BLOC) October 30, 2018
Deanna MacDonald, CEO of BLOC, commented: "The recently concluded MEPC73 showed that we are still burning questions about the availability of compliant fuels post-2020 – and the current epidemic of bad bunkers, as it's been called by Intertanko and others, shows that building traceability and trust in the marine fuels supply chain is one of the most vital issues facing shipping right now.
"Our demonstration phase has been shown to be dealing with marine fuels" quality and quantity assurance is an industry wide issue.
"We've built something for the first time, will allow stakeholders across the global shipping industry to verify and validate transactions across the fuels supply chain."
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