Yesterday, London-based blockchain startup BunkerTrace announced its first commercial deal with Monaco-based ship manager
Marfin Management to track marine fuel used by its fleet. BunkerTrace offers a blockchain solution combined with DNA tracing at specific points of the marine fuel supply chain.
Launched in October last year, BunkerTrace is a joint initiative between blockchain firm BLOC and Forecast Technology. BLOC developed a prototype of a blockchain biofuel assurance platform, for quality and quantity compliance. Meanwhile, Forecast has a synthetic DNA tracing system that can identify a batch of fuel by sampling it.
BunkerTrace adds synthetic DNA to marine fuel at various stages within the supply chain. The DNA is a unique identifier and does not affect the usability of the fuel. The blockchain ledger records every transaction in the supply chain and tracks the journey of the fuel as it changes hands along with quality tests.
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