Maritime News

FuelTrax, TOPL Partner on BaaS Platform to enhance Energy Trade Transparency

FuelTrax has partnered with Topl to use Topl’s Blockchain-as-a-Service (BaaS) platform to meet the 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.

“The maritime shipping industry is composed of a web of parties and counterparties,” said Kim Raath, Founder and CEO of Topl. “Our technology is designed to cut through this intricate network of participants, deliver cohesive provenance, and increase the overall trust in the system.”

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 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 FuelTraxtechnology,” said Anthony George, Founder and CEO of FuelTrax.

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.

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