Mining Company BHP And Japanese Shipper NYK Test Blockchain Technology For Tracking Biofuel
The mining and oil company BHP and the Japanese shipping company NYK are using blockchain technology to track biofuel. The information was released by the news site Dry Bulk on February 5. Although they are currently testing distributed ledger technology (DLT), this could be used in the future for improving efficiency in the whole supply chain.
In order to try out the technology, the company GoodFuels provided its product. Another blockchain development called BLOC built the decentralized ecosystem that traced the product.
The biofuel used during this experiment can be used as an alternative to other fossil-based fuels. In the future, this would allow for the reduction of CO2 gas emissions. This is equal to over 125,000 miles of a car consuming fuel.
Dry Bulk explains that this is a very important development for both firms. Blockchain can help supply chain in many industries to become more efficient. With distributed ledger technology it is possible to make sure that only sustainable fuel is used by during the shipping process.
These are not the only companies that are currently working with blockchain technology in the shipping industry. Indeed, IBM and Maersk have also launched a blockchain solution that was able to gather around 94 different organizations from different countries.
There are many other firms that are implementing blockchain solutions to track specific products. For example, Carrefour and JD.com are using DLT so as to track the food they sell. DeBeers Group has also developed a blockchain platform to be sure that the diamonds they deal with have been extracted following international standards.