KPI OceanConnect, a leading global marine energy solutions provider, professional services giant Deloitte, and payment services provider ZTLment have announced a partnership to incorporate blockchain technology into marine energy trading. This initiative is aimed at promoting greater traceability in the value chain and improving maritime sustainability.
The partnership was revealed ahead of the sixth International Blockchain School hackathon in August 2023. The trio aims to develop a transparent, sustainable method for carbon-offsetting transactions in the shipping industry. This comes amidst the increasing importance of transparency and digital technologies for managing the shipping industry's carbon footprint and automating payments in the value chain.
Recognizing the impending rise of carbon credits in voluntary and mandatory markets, KPI OceanConnect, Deloitte, and ZTLment aim to provide greater transparency in the value chain using blockchain technology. The technology will provide an unalterable record of carbon credit transactions, aiming to restore trust in carbon offsets and create a reliable picture of emission reductions.
In this partnership, Deloitte brings a wealth of knowledge and a large network, while ZTLment contributes its platform for moving real money with smart contracts and its expertise in developing fully regulated blockchain technology.
This ground-breaking initiative further solidifies KPI OceanConnect's position as an innovative, transparent, and sustainability-driven partner in the shipping industry. It aims to enhance compliance, security, and transparency for clients using AuctionConnect, KPI OceanConnect's marine energy trading platform, while supporting the shipping industry in aligning with sustainability goals.
If the hackathon is successful, the solution is expected to be taken to production in fall 2023. This collaboration represents a significant step towards improving the accuracy, reliability, and transparency of carbon offsetting claims, setting the stage for a more sustainable maritime sector.
