The forthcoming Tanker Shipping and Trade Conference will witness discussions on the various implementations of blockchain in the maritime sector. The news surfaced after blockchain was introduced in Emirates Ship Investment Company(ESHIPS) after its acquisition by the UAE based liquid logistics company, Tristar.

The ESHIPS function on a blockchain which is supported by IBM’s Hyperledger Technology and runs on Amazon Web Service’s Cloud platform. This initiative has been taken to improve the dealing and trading of tanker ships, henceforth, increasing the efficiency of the tanker sector.

Moreover, Eugene Mayne, Tristar Group’s Chief Executive also stated that using blockchain the tanker trading company can increase its efficiency. Engaging blockchain can benefit by giving an extra layer of security to the data and traceability of the products, says Mayne.

Furthermore, he also stressed that data stored in blockchain are unalterable and tamper-free as they are stored in multiple blocks functioning in a single network. The company has also said that when data is stored in blockchain, any intended individual can overlook the data at anytime from anywhere. The data will be encrypted with military grade encryption, including every transaction details between the parties.

Interestingly, blockchain will enable tracking of the tankers from its manufacturing to its transportation scenario. Regarding this, Christopher Fernandez, the Founder and Chief Executive of Dubai based-Block Gemini Technologies also put forward his points. He stated that Blockchain Technology has already found plethora of usage in various kinds of industries, since its foundation. But Fernandez has cleared that the platform is one of its kind.