Wednesday, August 21, 2019

Maritime Industry to Use Blockchain Technology in Delivering Fuel to Ships

The maritime industry is about to use Blockchain technology to aid in the delivery of fuel to ships. The industry has formed an association with Maritime Blockchain Labs (MBL), a company who will see to the development of a Blockchain-based system. This is a maritime fuel quality assurance and sales system whose aim is to ensure that quality fuel is delivered at all times to ships.

Aiding in the Delivery of Quality Fuel at All Times

It has been revealed that low sulfur fuel oil (LSFO) which is used on ships consists of other elements. But the problem is, the sulfur could be of low quality and other elements in the oil may be combined in inappropriate amounts. As a result, this can damage the engine of these vessels and even leave sailors stranded on the sea.

The effect of this will be evident in the supply chain, where all participants will be affected. For instance, retailers and consumers will be unable to get their goods on time. Therefore, there is a need to ensure that quality fuel is delivered. Also, the pre-approved distributors of this fuel can be easily located to ensure that needs are met on time.

Locating Approved Fuel Suppliers on The Blockchain Platform

Maritime Blockchain Labs (MBL) is, therefore, developing a Blockchain platform that will help in locating these fuel suppliers. These are people whose products have already been verified to be of high quality and they have been added to the digital database. Companies can then refer to the system to make orders for the fuel’s delivery.

Related Article:  State of Colorado Attempts To Use Blockchain In Agricultural Projects

The aim is to foster trust in the industry and reduce the circulation of low-quality fuel. There are expectations that the platform will be used by a community made up of fuel suppliers, ship owners or operators, as well as port authorities. These are people who in one way or the other, are involved in the processes carried out on these ships.

Maritime Industry Adopts Blockchain Technology

The maritime industry is actively engaging the Blockchain technology to improve its operations. For instance, the industry had revealed on December 11, that they are using the Blockchain to verify crew members. This is to ascertain if they have undergone the necessary training and are certified in order to ensure that they can adhere to the safety standard of the industry.

Nippon Yusen KK, a shipping company in Japan wants to pay its crew members with cryptocurrency. The company said that these workers found it difficult to transport their earnings across borders. Also, a large sum of money was often held on these vessels to cater for their daily needs. With a Blockchain platform to send and receive payments, this will no longer be the case.

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