To meet the growing demand for greater transparency in energy trading operations, Fueltrax, a leading electronic fuel management solution (EFMS) provider for offshore vessels, has partnered with Houston-based blockchain specialist Topl to use its Blockchain-as-a-Service (BaaS) platform.
With blockchain integrated into EFMS products, each step in the energy trading process has 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 live forever, providing more granular documentation and traceability.
Adding the Topl Blockchain to Fueltrax’s fuel monitoring systems and tech stack will allow clients to track, review, and offer proof of every change in the fuel transfer process.
The Topl Blockchain links all steps for vessel fuel transfers, creating a full, complete, verifiable digital record. Any changes made along the supply chain will be recorded immutably. Clients will now be able to easily 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,” says Anthony George, founder, and CEO of Fueltrax. “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.”
“Blockchain technology is ideally suited to thrive and deliver value in complex ecosystems.” says Kim Raath, founder and CEO of Topl. “The maritime shipping industry is composed of a web of parties and counterparties. Our technology is designed to cut through this