Blockchain will be one of the innovations discussed at the forthcoming Tanker Shipping & Trade conference in the maritime digitalisation session, but some tanker companies are already using this disruptive technology.
In 2016 UAE-based liquid logistics company Tristar purchased Emirates Ship Investment Company (ESHIPS), which by extension makes ESHIPS one of the first tanker companies to use blockchain as part of its everyday operations.
This follows the news that parent company Tristar Group’s blockchain is fully operational.
“Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers. Records stored in the blockchain are computationally almost impossible to alter, leading to unprecedented verification and transparency to all stakeholders involved in a particular transaction” said Tristar Group’s chief executive Eugene Mayne.
“We are proud to once again put Tristar at the forefront of our industry. Other large industry players and Dubai Government entities have all initiated blockchains of their own so we are very proud to be among such esteemed companies,” he said.
Tristar’s blockchain implementation is underpinned by IBM’s Hyperledger technology and runs on Amazon Web Services' cloud platform.
Complete end-to-end warehousing and transportation processes are captured in Tristar’s private blockchain, providing real-time oversight and analysis.
According to Tristar, additional benefits identified include reduced paper use, elimination of human error, and the ability to optimise warehousing manpower, scheduling and deliveries.
The project also enables Tristar to seamlessly tie together its warehouse management system and transportation platforms, allowing key customers to access a single secure platform protected by military grade encryption with irrefutable records of events and interactions between the parties.
Tristar’s implementation was developed by Dubai-based Block Gemini Technologies, led by founder and chief executive Christopher Fernandez.
Mr Fernandez said “While many organisations have discussed the potential applications of blockchain technology to their business and in some cases, developed limited platforms, the platform that we developed for Tristar is one of the first of its kind in the world and operationally is ready.”
“Blockchain technology has the potential to disrupt the logistics industry in the same way that the internet disrupted traditional business models 20 or so years ago,” added Mr Mayne.
Tristar recently received the ‘Best Logistics Innovation and Technology Strategy Award’ at the ICT Achievement Awards 2017 organised by Computer News Middle East last October. Tristar’s IT department was recognised for its innovative digital transformation strategy embarked upon in 2017.
Business, operational and technical issues impacting the crude, product and chemical tanker trades will be discussed in London at the Tanker Shipping & Trade Conference, Awards & Exhibition, 20-21 November 2018.