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Toyota Tsusho Corp launches ‘BunkerNote’, a blockchain bunker management service

08 Mar 2021

Toyota Tsusho Corporation, the trading arm of Toyota group, on Tuesday (2 March) introduced BunkerNote which it claims is the bunker industry’s first cloud service that centrally manages orders for bunkering and marine lubricants using blockchain technology.

The service will be offered to companies operating coastal trading vessels, fuel suppliers, and companies operating bunkering vessels starting from June 2021.

Amid the rising necessity for workstyle reforms and the building of non-contact and non-face-to-face logistics systems toward productivity improvement and the maintenance and strengthening of international competitiveness, the delay of digitalisation in the bunkering industry has become an issue, said the company.

In Japan, there remains commercial practices such as the placing of orders via telephone or facsimile and the creation of delivery notes by hand onboard ships. A lot of time is therefore required to process documents and verify coherence.

The introduction of this service allows online processing of everything from the placing of orders for fuel to the confirmation of deliveries and the issuance and receipt of invoices. Relevant parties are able to share progress in real time, and tasks that have been necessary so far–such as the sending and storage of documents, verifying the coherence of information, and transfer of data by manual entry–will no longer be needed.

This allows significant reduction in the time taken for work related to bunkering orders. In addition, data integrity is guaranteed by using blockchains to register information of transactions regarding bunkering orders.

As a leading Japanese company in terms of bunkering sales volume the company said it aims to contribute towards productivity in the maritime industry through the offering of this service.

Toyota Tsusho will also deploy services for ocean trading vessels and undertake the development and provision of peripheral services centered on the management of bunkering orders.

Toyota Tsusho explained blockchain is a technology for maintaining accurate transaction history by using encryption technology to link transaction history stretching into the past up like a chain.

Information is not centrally managed using a specific server but is instead distributed across user terminals connected via a network through which it is shared and managed.

This allows the prevention of electronic information manipulation as well as damage or loss of such information due to server malfunction.

Photo credit: Toyota Tsusho Corporation
Published: 8 March, 2021

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