FUELTRAX Partners with Topl to Enhance Energy Trade Transparency

Source: www.gulfoilandgas.com 9/16/2021, Location: North America

FUELTRAX, the leading Electronic Fuel Management Solution (EFMS) provider for offshore vessels, has partnered with Topl, the company that has built the Topl Blockchain, to use Topl’s Blockchain-as-a-Service (BaaS) platform to meet the growing demand for greater transparency in energy trading operations.

With blockchain integrated into EFMS products, each step in the energy trading process has an equivalent digital step, including contract formation, asset tracking, and delivery of the product. As supply chain events occur in real time, each is added to the Topl Blockchain, where a tamperproof record will live forever, providing more granular documentation and traceability.

Adding the Topl Blockchain to FUELTRAX's fuel monitoring systems and tech stack will allow clients to track, review, and offer proof of every change in the fuel transfer process.

The Topl Blockchain links all steps for vessel fuel transfers, creating a full, complete, verifiable digital record. Any changes made along the supply chain will be recorded immutably. Clients will now be able to easily report on the progress of successful bunker and transfer operations.

Executive Commentary:

Anthony George, Founder and CEO of FUELTRAX:

"The maritime industry knows how crucial it is to constantly improve security efforts in offshore operations. The Topl Blockchain will help us to add a layer of verification to assure vessels operations are performing to achieve company goals and help prove ethical practices while using FUELTRAX technology."

Kim Raath, Founder and CEO:

“Blockchain technology is ideally suited to thrive and deliver value in complex ecosystems. The maritime shipping industry is composed of a web of parties and counterparties. Our technology is designed to cut through this intricate network of participants, deliver cohesive provenance, and increase the overall trust in the system.”


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