A company named Bunkertrace has created a DNA-based blockchain fuel tracking solution. This solution is set to use DNA markers in order to trace the whole supply chain of bunker fuel oil. The commercial launch of the product was announced by an article which was published in the American Journal of Transportation, an industry journal.
The creators of the project have already piloted a successful trial in the Netherlands and now they are ready for a full-scale launch. This program uses DNA markers, which are created in a synthetic way to trace any kind of change that can occur to the fuel while it is being transported and created.
All the steps of the process are recorded on the blockchain technology, meaning that everything that happens is recorded in the immutable ledger.
The CEO of Bunkertrace, Marc Johnson, said:
“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 is far from the only company offering a similar solution for tracking products. In fact, there are dozens of companies doing this right now. Car manufacturer Tata Motors, for instance, has recently announced new plans to use the blockchain technology to track fuel. The Chinese company Sinochem Group is also following a similar path.