FUELTRAX adds blockchain layer for vessel fuel management system

Fuel management technology company FUELTRAX has announced a new partnership with blockchain firm Topl to use its Blockchain-as-a-Service (BaaS) platform to support greater transparency in maritime energy trading operations.

With blockchain integrated into EFMS products, each step in the energy trading process will have an equivalent digital step, including contract formation, asset tracking, and delivery of the product.

As supply chain events occur in real time, each is added to the Topl Blockchain, where a tamperproof record will be maintained to provide documentation and traceability.

The blockchain will link all steps for vessel fuel transfers, creating a complete verifiable digital record. Any changes made along the supply chain will be recorded immutably, and clients will be able to report on the progress of successful bunker and transfer operations.

“The maritime industry knows how crucial it is to constantly improve security efforts in offshore operations. The Topl Blockchain will help us to add a layer of verification to assure vessels’ operations are performing to achieve company goals and help prove ethical practices while using FUELTRAX technology,” said Anthony George, Founder and CEO of FUELTRAX.

Share this story

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on print
Share on email

About the Author

Rob O'Dwyer
Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

Further Reading

News Archive