The Bunkertrace blockchain system, designed to track DNA fuel supplies, has been successfully tested in the Netherlands and put into commercial operation.
To track fuel deliveries, special synthetic DNA is added to the storage facilities, with which you can track all fuel movements and changes that have occurred with it. All transactions are recorded on the blockchain. The system should reduce risks for fuel consumers, for example, for owners of ocean tankers.
“We see changes in the fuel storage markets, changes that pose new risks for everyone: owners, credit organizations, financial institutions and other market participants who buy and sell fuel. So we launched BunkerTrace, ”said BunkerTrace CEO Marc Johnson.
Johnson said that during a pilot launch in the Netherlands, the system was able to recognize a unique DNA tag in the fuel, conduct the necessary analysis and write the results to the blockchain.
A study by Data Gumbo showed that using blockchain systems will help reduce the cost of oil companies around the world by a third.
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