BunkerTrace is a joint venture that combines solutions and expertise from technology innovators BLOC and Forecast Technology Ltd.
In 2018, BLOC’s Maritime Blockchain Labs brought together a consortium of actors consisting of LR FOBAS, Bostomar, Precious Shipping, IBIA, GoodFuels, BIMCO, and Heidmar to validate the concept of marine fuel assurance. In September 2018, we completed the world’s first digital end-to-end blockchain fuel transaction in the Port of Rotterdam. Yet, this collaboration demonstrated that tracing fuel in the digital world only would not be enough - we had to bridge the digital and the physical for this solution to be of value to the industry.
Forecast Technology’s specialised, patented, synthetic DNA tracer technology provides the answer. This technology facilitates environmental protection initiatives and legislation and is a natural fit for monitoring marine fuels.
The result is a joint venture that brings forward a solution combining both elements of DNA and Blockchain that together create fuel authenticity by enabling instant physical field inspections and results, recording transactions and providing actionable digital data insights for detection, enforcement and protection of brand reputation.