The number of areas in which blockchain technology is being employed has expanded dramatically over the past few years. From starting off as a technology that initially was meant to just serve as a means of completely transparent, secure and fast payment as well as transfer of funds across the world, the technology is now being employed for a variety of purposes these days. The latest use that blockchain technology has been put to, is towards the cleaning up of our oceans and improved waste management on ships, oil rigs, and cargo vessels.
Improving Waste Management On Cargo Vessels
COI (Carbon Offset Initiative), a company based in Slovenia, claims that it plans on making use of blockchain technology to help rid the oceans of pollution and to improve waste management, in general. As part of their plan, the company has come up with both software and hardware solutions that monitor, analyze and help better manage the waste that is generated by massive cargo ships out at sea.
COI's blockchain solution is based on the Ethereum platform and utilizes smart contracts for verifying payment transactions and transmission of data. COI's proposed solution aims at helping ship operators and recycling organizations cut down on fuel costs, better manage their slop (pollutants emitted by ships that are similar to compounds that incredibly rich in hydrocarbon content) emissions, and settlements. It plans on doing this by utilizing data gathered with the help of satellites, where critical parameters are monitored, kept track of, and stored on a tamper-proof blockchain which is completely public.
Using Sophisticated Tech To Keep Track Of Oil Content On Cargo Vessels
COI intends to install sensors on cargo vessels that it has specially developed for the purposes of real-time tracking of oil content in both the slops tanks and bunkers of these vessels. Critical parameters such as the routes as well as temperature, humidity, and consumption levels will be registered and stored on cloud data hubs to keep track of the quality and quality of oil on these vessels. Other hardware that the company will use include cameras, lasers, and advanced vibration sensors.
Carbon Offset Initiative was started in 2018, after two other companies, Urban Management and Clean Sea Servies (a Swiss firm specializing in petroleum waste management) proposed partnering together to address the dearth of any ocean waste management services.