Shipping news magazine Dry Bulk reported that BHP, a multinational metals, mining and petroleum firm, has trialled the use of a blockchain platform to satisfactory results. The trial was made possible through a collaboration between BHP and Japanese shipping company NYK.
The products used on trial were from GoodFuels, a sustainable biofuel company, while the blockchain system was built by BLOC, a specialized developer of blockchain technology for the shipping industry.
For the experiment, biofuel provided by GoodFuels was transported to Frontier Sky, an NYK bulk carrier chartered by BHP. Blockchain technology was used to log the carbon dioxide savings throughout the process.
As the trial made use of sustainable biofuel, as opposed to fossil fuels, the amount of carbon dioxide reduced was equivalent to the greenhouse gas emissions of a car driving 125,000 miles.
The success of the joint experiment proved to be a key step for both BHP and NYK towards the worldwide reduction of greenhouse gas emissions. Blockchain technology could provide a reliable way for stakeholders in the shipping industry to monitor the supply chain and ensure that sustainable fuels are used, while facilitating product traceability, emissions reduction, and transparency in fuel quality.
More companies are experimenting with blockchain adoption in the maritime industry, and many company and ports have implemented the technology in order to track logistics and supply chains.
Zim, the biggest cargo shipping provider in Israel, has launched a blockchain-based system to push electronic bills of lading, or receipts for loaded cargo, to clients.
Meanwhile, UK’s Associated British Ports last year inked a deal with digital logistics operator Marine Transport International, with the aim of developing a blockchain system for port logistics.
Elsewhere, international shipper Maersk joined hands with IBM last August to offer a shipping service using blockchain.
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