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BLOC Pioneers Blockchain-Based Biofuel

Supply Chain Tracking For The Maritime
Industry
FreightWaves
March 6, 2019, 3:41 PM GMT+1

Though the potential of blockchain technology has

captivated the logistics and transportation industry, it has
remained a technology that has struggled to make it past the
research desks across several niches. Then again, the
maritime market has shown a positive reception to
blockchain, with large container lines and related startups
looking to create blockchain platforms – primarily for
container track-and-trace within its supply chain.

Blockchain Labs for Open Collaboration (BLOC) is a startup

that is working diligently to provide blockchain-based
solutions across different verticals, with the primary goal of
bridging the gap between the digital and the physical world.
BLOC recently collaborated with mining company BHP,
Japanese shipping company NYK, and biofuel company
GoodFuels, to deliver sustainable biofuel to the BHP-
chartered, NYK-owned bulk carrier – all via BLOC's
blockchain fuels assurance platform.

"We are funded by Lloyd's Register Foundation to build

blockchain prototypes in the industry within the area of risk
and safety. Together with the industry, we look to build
consortiums in each of the areas we are focusing on," said
Deanna MacDonald, the CEO of BLOC. "Our first prototype is
in bunker tracing. We are essentially looking into how we can
provide quality and quantity metric associated with bunker
deliveries before 2020, and also help with traceability and
transparency within the supply chain."

The year 2020 is crucial, because next year is when the

International Maritime Organization (IMO) sulfur-cap
regulation comes into effect. The rule states that the bunker
fuel that container lines use must not have a sulfur content
that exceeds 0.5 percent – a number that is seven-fold less
than the current limit. Biofuel produced by GoodFuels is one
of the many ways for container lines to navigate IMO 2020
limits, because the sulfur content in biofuel is under the
authorized limit.

By tracing and delivering biofuel through its blockchain

platform, BLOC has achieved an industry-first, as
information of the whole transaction remains embedded
within the system. "While working on the pilot, we had
numerous challenges coming in from the industry at-large,"
said MacDonald. "We were trying to push forward the
boundaries of sustainable fuel sources, and furthermore
measuring decisions based more than just on the price trend,
but also with regard to compliance."

Story continues

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