What is Xact

Bunkering is the supplying of fuel for use by ships, and includes the shipboard logistics of loading fuel and distributing it amongst available bunker tanks.

Bunkering involves multiple stakeholders - The vessel-in-charge, Bunkering Vendor, Surveyor, Fuel Analysis Labs, Mediators and Insurance companies.

The procedure in most places is totally manual, requiring each party to maintain its own set of data. This requires extensive monitoring and ratification by all parties.

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. This 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

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