Blockchain and DNA-Based Fuel Tracking Solution Launches Commercially

Published at: Oct. 21, 2019

Bunkertrace, a blockchain and DNA-based fuel tracking solution, is using DNA markers to trace bunker fuel oil throughout the supply chain.

On Oct. 21, in an article by the American Journal of Transportation, Bunkertrace announced its commercial launch after a successful trial in the Netherlands where the company added DNA markers to bunker fuel oil.

The new solution combines synthetic DNA markers and blockchain technology to trace the fuel and make it possible to track any changes made to it. The company then records each transaction in a blockchain-based system to manage risk for marine fuels by creating a transparent chain of custody. BunkerTrace CEO Marc Johnson said:

“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.”

Bunkertrace concluded its first trial at the beginning of October on the Boskalis-owned dredger Prins der Nederlanden, where the company was able to detect a unique DNA mark with an onboard analysis case, with the results logged onto the blockchain.

Blockchain tech finds use cases in the hydrocarbons industry

Distributed ledger technology like blockchains is being applied in various aspects of the hydrocarbons industry and supply chain.

Cointelegraph reported in September that Indian automobile manufacturer Tata Motors announced plans to apply blockchain solutions for the real-time monitoring of fuel quality.

That same month, a subsidiary of Chinese oil and chemical giant Sinochem Group was reportedly in discussions with Royal Dutch Shell and Australian financial services firm Macquarie Group regarding a blockchain platform for crude oil. The platform would reportedly be used to eliminate inefficiencies in trade and settlement, as well as improve transparency and reduce the risk of fraud in the oil industry.

Tags
Adoption
Blockchain
Supply Chain
Transport
Related Posts
What lies ahead for crypto and blockchain in 2021? Experts answer
It would be fair to admit that after 2020 and all it has put us through, making any predictions for the upcoming year is most likely to be a game of blindfold. Meanwhile, I am certain that humanity has much to learn from its past transgressions, and will move forward by correcting our mistakes and weaknesses. That’s what we always do. Undoubtedly, the major driver of our development this year was the COVID-19 outbreak. The effects of the ongoing global pandemic on every aspect of our lives will form our future, and there are some tendencies we started last year …
Adoption / Jan. 4, 2021
S7 Airlines Processed Over $1M Via Blockchain Payment Platform in July
S7 Airlines, a member of major global aviation alliance Oneworld, processed over $1 million through its blockchain payment system for the month of July. S7 processed nearly $4 million in payments on its blockchain platform since January 2019 According to an official press release on July 30, S7 has seen significant growth in transactions on its blockchain-powered sales network developed in partnership with Russia's largest private bank, Alfa-Bank. Nikolai Mukhanov, executive director at S7 Techlab, said that the platform has seen not only a significant increase in number of payments, which reportedly grew tenfold since January, but also in number …
Adoption / July 31, 2019
Upcoming Supply Cut Will See Bitcoin Prices Rise Further, Brian Kelly Predicts
An upcoming supply cut could help bitcoin (BTC) prices rise further in the coming months, crypto fund manager Brian Kelly told CNBC on May 21. Speaking to the Fast Money program, he explained that “the halvening,” next due to take place in 2020, will see mining rewards cut in half. With many miners now hoarding BTC, Kelly predicted that prices will rise as increased demand — tied to increasing industrial adoption and retail uses — competes with diminished supplies. Describing the four-year cycle that leads up to “the halvening,” Kelly added: “You generally have a rally a year into it, …
Adoption / May 22, 2019
IBM Patents Blockchain Implementation to Manage Data For Autonomous Vehicles
Multinational computing giant IBM is adding to its arsenal of blockchain patents with a new implementation to manage data and interactions for self-driving vehicles (SDVs). The patent was published by the United States Patent and Trademark Office on April 2. IBM — which has, according to the documents, previously filed extensive patents for various inventions related to autonomous cars — outlines that a blockchain system could effectively enhance SDV configurations by allowing for robust privacy and information validation. The context for prospective blockchain implementation would be a system wherein an SDV interacts and predicts the behavior of the drivers of …
Adoption / April 8, 2019
Canadian Firm to Build Blockchain-Based Supply Chain Platform for Cannabis Industry
Canada-based blockchain and crypto company DMG Blockchain Solutions Inc. (DMG) has announced the development of a global supply chain management platform for the legal cannabis industry, according to an announcement published Oct. 17. As reported by Canada’s national public news and information service CBC, the country’s government officially legalized recreational marijuana as of today. Cannabis was previously available only for medicinal use within the country. According to Health Canada, there are currently over 120 licensed cannabis producers in Canada, where one of the top producers has already stated that labor shortages and supply chain issues could lead to scarcity soon …
Adoption / Oct. 17, 2018