Toyota Group’s trading branch Toyota Tsusho announced the launch of BunkerNote, an app that implements blockchain technology to manage marine fuel orders for the shipping industry. This will be the first centrally managed cloud service in the Japanese bunkering industry and Toyota Tsusho expects companies to start using the solution in June of this year.
In Japan, bunker oil processes are significantly behind in digitization. Orders are placed by phone and require constant interaction and exchange of information between all relevant parties. The process relies on paper documents that can be lost, spoiled, and need to be exchanged from party to party, which is undesirable during the pandemic. Overall, the process is time consuming and inefficient.
BunkerNote is addressing this by digitizing all the bunker oil paperwork. Orders, confirmation of deliveries, raising invoices, and receipt of the invoice can all be carried out online and shared with relevant parties in real-time. The app creates a centralized system so that information only needs to be shared once for all participants in the transaction to have access to it and carry out their specific roles in the trade.
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