Bunkertrace – a tool using blockchain and DNA for fuel tracking process – is reportedly applying DNA markers feature for tracing bunker fuel oil across the supply chain.
Reported by the American Journal of Transportation on October 21, Bunkertrace has rolled out the new feature on a commercial level, following its successful pilot test in Holland, where the firm incorporated the DNA markers feature in tracking bunker fuel oil.
The new feature will join the abilities of both synthetic DNA markers and blockchain tech for enhanced fuel traceability and system changes tracking.
Every finalized transaction will then be recorded on a blockchain-powered network, which helps minimize the risks involved for marine oils, via establishing a chain of custody with increased transparency.
“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 CEO Marc Johnson remarked.
Bunkertrace has finished its first pilot test of the new feature at the start of October this year, on the Boskalis-owned dredger Prins der Nederlanden. The result came out with a new discovery of unique DNA mark with an onboard analysis case, which was all safely recorded on the blockchain network.