Xact

  • Blockchain enablement provides for a trusted and transparent view of all transactions facilitated by the immutable and shared ledger
  • Digitizing the Bunkering process leads to significant reduction in transaction processing time, across multiple stakeholders
  • Provides for faster reconciliation and efficient compliance & audit processes
  • Workflow approval process is fully automated
  • Custom defined templates aligned to procedures across various ports and geographies
  • Benefits for stakeholders include
    • Efficient purchase of bunkering fuel with fully regulatory compliance
    • Minimization of manual documents
    • Reduction in follow up
    • Efficient Insurance claim processing

Scope of Xact

  • To provide a transparent mechanism for interaction amongst various stakeholders involved in Bunkering operations
  • To track the transaction flow, right from the time a PO is placed by the shipping company for various types of fuels till the payment is complete
  • All the critical measurements including the quantity and quality of each type of fuel loaded, status of the tankers before and after bunkering, sample fuel data, quality analysis of fuel by Quality Labs are recorded in a tamper-proof manner using Blockchain technologies
  • The system follows HES procedures and has a facility to record feedback from the shipping company on the fuel performance on board.┬áThis system provides a trustworthy view for all stakeholders on the entire bunkering process and can provide evidence of records should a conflict arise

Xact Solution

  • Smart contracts will enable automatic processing based on the measurements recorded and will trigger next set of actions including payment against a particular delivery or a claim against any issue that is evidenced
  • This will improve confidence in:
    • The fuel being purchased
    • The risk monitoring
    • Facilitating in increasing in transparency and traceability in shipping fuel supply
  • With Blockchain enablement, all the measurements and the transactions can be stored in a manner which is immutable
  • The system is easily configurable and can be tailored to align with global standards like SS600 (Singapore), MARPOL Annexe VI

Xact Benefits

BUILD TRUST

Build trust between Parties and Devices, Reduce risk of collusion and tampering

REDUCE COST

Reduce cost by associated with middleman and intermediaries

ACCELERATE TRANSACTIONS

Reduce settlement time from days to Near instantaneous