Amalgamating technology with a layer of cybersecurity inaugurates Singapore’s first marine fuel purchase
Singapore’s bunker supplier, Global Energy Trading concluded the sector’s first proof of concept (PoC) of a fully-digitalised marine fuel transaction. The process was linked to TradeTrust’s framework with BunkerChain’s technology, and supported by physical data transfer from Internet of Things (IOT) devices onboard a bunker barge.
The whole digital process
3,490mt of low-sulphur fuel oil (LSFO) was lifted from Universal Terminal located in Jurong Island; and delivered by bunker tanker Juma to Kirana Nawa, the receiving vessel. Powered by BunkerChain, the successfully-executed digital signing of the entire trade through an Accredited Certification Authority was followed by a full capture of the entire flow of data from IOT devices on the bunker tanker. The PoC was also able to simulate detection of unauthorised cargo transfer, and alert Global Energy’s headquarters.
BunkerChain provided the distributed ledger environment for Global Energy Trading to carry out the full end-to-end trade which includes real time visibility and control of the physical bunkering process with full audit trail integrated with TradeTrust.
A major step towards industry digitalisation
Vince Koh, general manager of Global Energy Trading said, “This is a step forward, we are proud to be a part of this move towards industry digitalisation.”
“Interoperable standards-based digital utilities such as TradeTrust are critical in enabling players across different levels of digital readiness to participate in the ecosystem. Global Energy Trading and BunkerChain’s PoC leveraging TradeTrust’s document verification capabilities help the bunkering industry address areas such as detecting, remotely controlling, and preventing unauthorised movement of cargo. This is a positive step forward in our collaboration with the industry to accelerate their digitalisation journey,” said Loh Sin Yong, Director of Trade for Infocomm Media Development Authority (IMDA).
Edwin Lee, Head of Sales at Netrust, said: “We are very excited and honoured to kick-start this PoC with BunkerChain. As the only IMDA- accredited Certificate Authority in Singapore, Netrust’s certificates and technologies used in the digital signing process provide assurance for the integrity and authenticity of electronic records. It is definitely a breakthrough and a great use case for the industry.”
“Singapore’s bunkering sector faces several pain points which BunkerChain is able to solve with the TradeTrust framework,” remarked Leon Ling, CEO of BunkerChain. He added current challenges include insufficient audit trail, manual completion of the Bunker Delivery Note and submission of data to the authorities, plus insufficient visibility and control of inventories held.
Leon concluded, “TradeTrust, together with our TradeClear and BunkerConnect modules, open up transparency and visibility of a bunker transaction while offering full digital life cycle management, digital twin asset management capabilities, risk management and fraud prevention – qualities which the bunkering sector and its supporting financial institutes are adopting moving forward.”