A tug operator and an LNG bunkering provider in Singapore conducted the world’s first LNG transaction across a blockchain on the QuayChain platform. QuayChain is a digital platform designed to meet the requirements of the marine fuels industry.
Singapore: A tug operator and an LNG bunkering provider in Singapore conducted the world’s first LNG transaction across a blockchain on the QuayChain platform. QuayChain is a digital platform designed to meet the requirements of the marine fuels industry. Developed by Singapore based start-up QuayChain Pte Ltd in collaboration with DNV-GL, QuayChain uses distributed ledger technologies and applied intelligence to digitise and automate the bunkering supply chain.
The trial transaction involved the truck-to-ship bunkering of an LNG powered tug and was conducted under simulation conditions.
“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.
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.”
“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.”
“QuayChain is the logical next step for the bunkering industry,” says Simon Neo, a non-executive Director and an Advisor to QuayChain Pte. Ltd. Neo is well known and well respected in the Singapore bunkering sector having spent 3 decades heavily involved in the developing of the industry bunkering standards in Singapore and 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 companies executed several pilot transactions under test conditions with QuayChain’s platform, which enables people to communicate, interact and transact with one another quickly and easily and to manage and coordinate work across multiple parties to streamline and optimise operations.
QuayChain is a cloud-integrated product and users can access the product online and from any device. Sign up is free and it takes less than 3 minutes to open an account. The platform will be open access to encourage a “level playing field,” and existing users will have the ability to invite their participants to transact on the platform in a behaviour that is similar to how the industry operates today.
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 regulations MARPOL 2020.
About QuayChain: QuayChain refers to QuayChain Pte. Ltd. It is a privately held company based in Singapore, and a Joint venture between P&H Marine Australasia and Rise-X based in Perth Australia. QuayChain designs, builds, owns and operates the QuayChain platform, a transport fuel management system designed to meet the requirements of the global transport fuels supply chain.
About DNV-GL: DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.
For more information about DNV GL visit: dnvgl.com