Blockchain technology and governance specialist, Blockchain Labs for Open Collaboration (BLOC) has presented a new Emissions Monitoring Verification and Reporting (MRV) solution for shipping.
BLOC’s solution focuses on building digital infrastructure to enhance coastal community health and safety through traceability of shipping emissions.
The organization said that its solution would secure the chain of custody for marine fuel data using blockchain in a real-world setting, thereby creating a decision support system for enforcing and complying with global environmental regulations, including the upcoming IMO 2020 Sulphur cap.
In doing so, the Emissions MRV application builds upon the Marine Fuel Assurance prototype funded by Lloyd’s Register Foundation as part of BLOC’s Maritime Blockchain Labs (MBL) initiative.
BLOC won Massachusetts Institute of Technology (MIT) Solve’s Coastal Communities Challenge for its work in developing shipping Emissions Monitoring Reporting (MRV) solutions.
“Shipping emissions affect every corner of the world and yet have been largely ignored, this system will be a part of the shift towards solving this challenge with better global regulations and low-sulphur, compliant fuel for the maritime sector and we are thrilled to have the MIT Solve community supporting us in this endeavour,” Deanna MacDonald, CEO of BLOC, said.