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.