FUELTRAX, an electronic fuel management solution (EFMS) provider for offshore vessels, has partnered with blockchain technology company Topl to use Topl’s Blockchain-as-a-Service (BaaS) platform to meet the growing demand for greater transparency in energy trading operations.
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.
“The maritime industry knows how crucial it is to constantly improve security efforts in offshore operations,” FUELTRAX founder and CEO Anthony George said. “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,” Topl founder and CEO Kim Raath added. “The maritime shipping industry is composed of a web of parties and counterparties. Our technology is designed to cut through this intricate network of participants, deliver cohesive provenance, and increase the overall trust in the system.”
Each FUELTRAX installation includes access to the cloud-based data analytics service, FUELNET. Topl technology economy enables digital and sustainable transformation across value chains and empowers the monetization of impact verified on the Topl Blockchain.