COSCO Shipping Applies Blockchain Technology to Biofuel Tracing

by Ship & Bunker News Team
Tuesday April 2, 2024

Container line COSCO Shipping has completed a trial of a system applying blockchain technology to the tracing of biofuel blends' green credentials.

COSCO and Global Shipping Business Network recently completed a trial of the system, the companies said in an emailed statement on Tuesday.

The system uses GSBN's blockchain-enabled network to trace the link between a fuel's proof of sustainability certificate issued to the buyer and the green certificates issued to the seller.

"Establishing a connection between the Proof of Sustainability and the Green Certificate is merely the first step," the companies said in the statement.

"The ultimate goal is to document the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain. GSBN's vision is to create a transparent and continuous chain of custody of biofuels, thereby upholding the integrity of environmental claims linked to biofuel."