Hear the Pitch
The shipping industry is the backbone of our economy, yet it uses the dirtiest fuel, accounts for 10 percent of carbon emissions, and poses a health and safety threat to coastal communities. New regulations seek to control fuel quality and reduce emissions, but there has been no way to track fuel data or enforce clean fuel requirements.
To fill this need, Maritime Blockchain Labs created a solution using open-source blockchain technology that allows all stakeholders in the fuel supply chain to submit data on the quality and quantity of fuel sources—from fuel producers to suppliers, to transfer at the terminal, to onboard combustion.
The solution provides verified traceability of the fuels being delivered in the maritime industry. This in turn helps ship owners to make better-informed fuel purchasing decisions, enables authorities to monitor and regulate emissions, and allows insurance companies to pay out compliant shipping companies for engine failures due to contaminated fuel.
- As the International Maritime Organization (IMO) 2020 Sulphur Cap and other regulations emerge, the industry is transitioning to cleaner fuels.
- However, there has been no way for ship operators to make informed purchases, nor for insurers and regulators to access data to prove compliance with policies and regulations.
- Insurers won’t insure an engine without proof of a compliant chain of custody, putting shipping companies at risk in the event of engine failure due to fuel contamination.
- Developed product with a consortia of individual stakeholders that represent the entire maritime fuel chain
- Tested product in Port of Rotterdam to trace goods being shipped with biofuel from Rotterdam to New York
- Speaking engagements: Shipping2030 Asia, Europe, and North America; Singapore Int’l Bunkering Conference (SIBCON); World Bank Innovate4Climate Conference; World Economic Forum Climate Action, and more
Maritime Blockchain Labs currently partners with shipping organizations such as:
- Lloyd’s Register Foundation, which shares information about fuel supply and quality testing processes and the environment for the building and piloting phases
- A consortium including the International Bunker Industry Association (IBIA), LR’s FOBAS team, Bostomar, Heidmar, BIMCO, Goodfuels, and Precious Shipping have all been involved in testing its prototype in a simulated environment
Maritime Blockchain Labs seeks to:
- Increase partnerships and revenue customers from all stakeholder classes, including ports, shipowners, insurers, and fuel providers
- Seek seed funding through a joint venture model already underway
- Grow its marketing and communications capacity and tools to convincingly share its approach and data
To reach these goals, Maritime Blockchain Labs seeks partnerships to:
- Connect to investors, product champions, and global partners in port communities and shipping areas
- Build international visibility through the addition of one to two board members
- Collaborate with technical advisors to advise on the business model
90 percent of the world’s goods are transported on cargo ships.
Toxic emissions from shipping have been reported to cause cardiovascular and respiratory diseases, accounting for as many as 60,000 related deaths annually.
Denmark, Singapore, USA
- Katherine A. Foster Chief Strategy Officer, Blockchain Labs for Open Collaboration (BLOC)