Tristar deploys blockchain for supply chain transparency
November 21, 2017
UAE-based liquid logistics provider Tristar Group has unveiled a proof of concept (PoC) using blockchain technology to achieve transparency in the supply chain. The platform is said to be one of the first of its kind in the world and is operational.
"Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers," said Eugene Mayne, Tristar's group CEO. “Records stored in the blockchain are computationally almost impossible to alter, leading to unprecedented verification and transparency to all stakeholders involved in a particular transaction. We are proud to once again place Tristar at the forefront of our industry.”
He said blockchain technology had the potential to disrupt the logistics industry in the same way that the internet disrupted traditional business models around 20 years ago.
Tristar’s blockchain implementation is underpinned by IBM’s Hyperledger technology and runs on the Amazon Web Services cloud platform. The implementation was carried out by Dubai-based Block Gemini Technologies.
Block Gemini founder and CEO Christopher Fernandez said: “While many organisations have discussed the potential applications of blockchain technology to their business and in some cases, developed limited PoCs, the platform that we developed for Tristar is one of the first of its kind in the world and it is currently operational.”
Complete end-to-end warehousing and transportation processes will be captured in Tristar’s private blockchain, providing real-time oversight and analysis.
Additional benefits include the reduction in usage of paper, elimination of human error, and the ability to optimise warehousing manpower, scheduling and deliveries. The project also lets Tristar seamlessly tie together its warehouse management system and transportation platforms, allowing customers to access a single secure platform protected by military grade encryption with irrefutable records of events and interactions between the parties.
“Several large companies and Dubai government entities have initiated blockchain PoCs of their own, so we are very proud to be among such esteemed companies,” said Mayne.
Tristar is an integrated liquid logistics provider that offers a list of services to cater to the needs of the downstream petroleum industry, both in the region and globally. The company has interests in surface transport, specialised warehousing, fuel farm management, turnkey fuel operations, plane aviation fuel services, chemicals and ship owning. The group owns a fleet of 22 ships, has operations in 16 countries and employs more than 1800 people.