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FUELTRAX APPLIES BLOCKCHAIN TECHNOLOGY TO VESSEL FUEL TRANSFERS

FUELTRAX APPLIES BLOCKCHAIN TECHNOLOGY TO VESSEL FUEL TRANSFERS

Friday, September 17, 2021 

US Electronic Fuel Management Solution (EFMS) provider Fueltrax has partnered with Topl, builder of the Topl Blockchain, to use Topls Blockchain-as-a-Service (BaaS) platform to meet the growing demand for greater transparency in fuel trading operations.

With blockchain integrated into EFMS products, each step in the energy trading process will have 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 complete and verifiable digital record. Any changes made along the supply chain will be recorded immutably, enabling clients to easily report on the progress of bunker and transfer operations.

Anthony George, Founder and CEO Fueltrax, said: "The maritime industry knows how crucial it is to constantly improve security efforts in offshore operations. 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."

Kim Raath, Founder and CEO Topl, said: “Blockchain technology is ideally suited to thrive and deliver value in complex ecosystems. 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.”

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