GoodFuels Marine completes world’s first bunker delivery using blockchain

In the Netherlands, GoodFuels Marine and blockchain technology and governance experts Blockchain Labs for Open Collaboration (BLOC) have successfully completed the world’s first bunker delivery and transaction using blockchain technology.

The delivery, made to a Samskip vessel via a REINPLUS FIWADO Bunker barge in Rotterdam on September 7th, represents a landmark moment for the shipping industry, which has traditionally been beset by quality and quantity disputes when fueling vessels. Unlike traditional bunker delivery notes (BDN), a paper document still widely used in the industry, blockchain – a decentralized, distributed and public digital ledger – provides end-to-end traceability of marine bunkering transactions from storage, to the barge or jetty, and on to the vessel’s fuel tank, thereby providing assurance to shipowners, shippers and charterers.

The landmark also represented the first transaction for Maritime Blockchain Labs (MBL), an initiative by BLOC of blockchain pilot projects conducted in collaboration with blockchain practitioners and industry actors. In addition, the event marked the first sustainable low carbon marine fuel delivery as part of the GoodShipping Program, which is part of MBL.