MARITIME Blockchain Labs says its technology solution that enhances traceability and trust in the bunker fuel supply chain has entered the testing phase.

MBL is a partnership established by Lloyd's Register Foundation and BLOC to explore the use of blockchain for the assurance and safety of critical infrastructure and drive new business models for the global maritime industry.

The company says its first demonstrator project, a fuel provenance register for the maritime sector that aims to provide trusted information about fuel origin, journey and characteristics, is set to enter a phase of further development before being sold commercially, reported the American Journal of Transportation. 

The next phase will involve the further development and scaling of the solution, capturing fuel deliveries and associated verified data into the system. It is intended that this will be undertaken by a consortium of ship owners or operators, fuel suppliers, port authorities and a fuel testing body. MBL is inviting interest from stakeholders within these groups to join and co-sponsor this next phase of work, which is expected to commence at the start of the new year. 

Commenting on this milestone for MBL, BLOC CEO Deanna MacDonald said: "The current epidemic of bad bunker, as it's been called by Intertanko and others, shows that building traceability and trust in the marine fuels supply chain is one of the most vital issues facing shipping right now."

"We've built something that for the first time will allow stakeholders across the global shipping industry to verify and validate transactions across the fuels supply chain," she said.