US-based FuelTrust has announced the launch of its Bunker Insights application, combining artificial intelligence and blockchain technologies to establish an unalterable record of fuel transactions and to analyse and identify chemical risks and changes.
Bunker Insights uses existing industry-wide standard documentation and commercial information fed into its AI Digital Chemist to provide all transaction parties with an independent assessment of risks.
The system aims to support ship owners and charterers in monitoring and managing fuel risk and keeping track of the quality, quantity and compatibility of fuel across vessel fleets, while also allowing them to more easily demonstrate ESG compliance and reduce fuel contamination events.
“Today we are delighted to be launching Bunker Insights to help ship owners, operators, and marine fuel suppliers manage a range of fuel risks and outcomes. Bunker Insights offers an independent, transparent and traceable record of the provenance, quality, and emissions of the fuels they use,” said Jonathan Arneault, CEO of FuelTrust.
“We believe that making advanced technology accessible and useful can help create a more transparent and traceable fuel ecosystem. As the world continues to meet the challenge of the energy transition, access to reliable data and insight about the fuel lifecycle will be vital for operators, owners and other key stakeholders across the maritime and energy industries.”
The cloud-based application can be integrated with legacy fleet management and fuel sourcing software, with data encrypted on its blockchain platform to establish an unalterable record of a fuel’s journey through the supply chain.
All key fuel lifecycle documents and data are digitised on the platform, including bunker delivery notes (BDNs), fuel laboratory records, and certificates of analysis, while the chemical composition of fuel is analysed at key points in its lifecycle from the pipeline to combustion to verify providence.
The software tracks expected and actual emissions from the fuels used and provides an account of regulatory compliance and associated risk.