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News / Technology/ Simulated LNG bunkering blockchain transaction performed at Singapore

Simulated LNG bunkering blockchain transaction performed at Singapore

12 Jul 2019
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A tug operator and an LNG bunkering provider in Singapore has conducted the world’s first liquefied natural gas (LNG) bunkering transaction through a simulation using blockchain technology on the QuayChain platform, it says.

The trial transaction, conducted in collaboration with DNV-GL, involved the truck-to-ship bunkering of a LNG-powered tug operated by a Singapore-based company.

“Today represents an important step in our journey proving we can automate the global hydrocarbon supply chain. We will continue to build on this foundation to deliver the digital infrastructure required to enable autonomous commerce,” said Rowan Fenn, Founder and CEO of QuayChain Pte. Ltd. 

“We build technology for autonomous industry,” said Fenn, who admits the concept of blockchain and Applied Intelligence can seem daunting to some, especially in industrial markets where technology adoption lags behind consumer tech.

“There is a lot of noise around new technology, automation and the impact on business and on people, but as the debate continues, change is coming at an ever increasing pace.

“We find the best way to get over the fear of the future is to get busy building it. Once we show customers what we can build they tend to be much more optimistic about adopting these technologies than they are when we spend time trying to explain what they are and how they work.”

Mathias Steck, Senior Vice President, DNV-GL Digital Solutions said, “Having all parties on the same platform and using a distributed ledger to keep a record of all events throughout the lifecycle of the transaction, simplifies operations and allows us to synchronise workflows across multiple stakeholders participating in the purchase, scheduling and delivery of bunker fuels. This trial demonstrates the truly transformative potential of this technology and seeing it in real time was really quite brilliant.”

“QuayChain is the logical next step for the bunkering industry,” says Simon Neo, a non-executive Director and an Advisor to QuayChain.

Neo is well known and well respected in the Singapore bunkering sector having spent three decades heavily involved in development of Singapore bunker industry standards, while working with International Standards Organisation (ISO) to promote leading practice in marine fuel management within the ISO standards.

“QuayChain allows us to systemise and automate many of the standards for which Singapore is known as global leader in bunker operations and I am most impressed by the simplicity of the system and the ease by which companies can manage compliance with MARPOL 2020 and quality across their supply chain using blockchain,” said Neo.

The QuayChain platform will be available to select users for early stage testing in Q4 2019 while the company targets an official launch date of Q1 2020 to coincide with the incoming IMO 2020 regulations.

Photo credit: QuayChain
Published: 12 July, 2019

 

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