Over the last few years, the number of areas where blockchain technology can be deployed has increased dramatically. The primary use of technology was related to payment transactions, enabling a fast, secure and transparent way to raise and transfer funds worldwide. The adoption of blockchain technology has gone beyond payment transactions so blockchain can be used as a data collection tool, verification tool, as a transfer protocol and many other ways.
Blockchain is also used in the green and sustainable sectors. Looking at the maritime industry, all ship-related information, such as route, fuel level and spill data, is collected manually and then transcribed in a non-uniform language. The complexity of the process creates barriers to the provision of quality waste management services, reducing the efficiency of the services provided.
The Slovenian-based Carbon Offset Initiative (COI) aims to take advantage of blockchain opportunities in an effort to reduce waste. They have developed hardware and software solutions, enabling the monitoring, analysis and management of waste left by large cargo ships. The blockchain used by COI is based on the Ethereum protocol and uses smart contracts to verify data transfers and payment transactions. Using satellite data, every monitored parameter can be permanently stored in a public blockchain, making it nearly impossible to falsify. All users in the chain, from shipping operators to recycling centers, could benefit from blockchain by cutting fuel costs, burning oil, managing hydrocarbon-rich compounds created by ships and agreements between the parties.
The hardware consists of a variety of sensors, including vibration sensors, cameras and lasers. The sensors will be installed on vessels and will monitor the quality and quantity of oil in bunkers and tanks in real time. Humidity, temperature, fuel consumption and routes will also be recorded and transmitted directly via satellite to data centers.
During 2017, the company behind the Clean Sea Services and Urban Management project discussed a potential partnership, and in 2018 the Carbon Offset Initiative was launched, founded by EU Business School (EUBS) professors Jean-Christophe Vautrin and Vuk Bjelajaca.