On Friday, London-based startup BunkerTrace
announced that its blockchain and DNA fuel traceability solution had gone live. It aims to combine forensics and technology to track the movement of fuel through the bunkering, or refueling, process. The project is a joint effort between blockchain firm BLOC and Forecast Technology.
BunkerTrace adds synthetic DNA to fuel in multiple locations. The DNA acts like a unique tag which can be easily found from a sample of the fuel and does not affect its usability. Every transaction along the supply chain is logged in a blockchain along with quality tests. So, each specific trade is immutably linked to the fuel’s ID, which can be traced to its origin even if it was blended or mixed.
The launch comes a few weeks after a successful pilot of the technology in the Netherlands. It was conducted with Cooperative Bebeka, a bunker buying pool, and Minerva, a bunkerer. BunkerTrace’s DNA tag was added to fuel as it was loaded onto a Minvera barge. Once moved to a ship, the crew tested a sample of the fuel to find the tag.
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