Dubai – UAE: Tristar Group announced a milestone in its digital transformation strategy as it unveiled a ground-breaking Proof of Concept (POC) using blockchain technology. Transparency in the supply chain has always been difficult to achieve, but Tristar will break down those barriers using blockchain. The platform that Tristar uses is one of the first of its kind in the world and is currently operational.

“Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers. 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,” said Eugene Mayne, Tristar’s Group CEO.

Blockchain will be one of the innovations discussed at the forthcoming Tanker Shipping & Trade conference in the maritime digitalisation session, but some tanker companies are already using this disruptive technology.

In 2016 UAE-based liquid logistics company Tristar purchased Emirates Ship Investment Company (ESHIPS), which by extension makes ESHIPS one of the first tanker companies to use blockchain as part of its everyday operations.

Lalani believes that the main hurdle Blockchain must overcome is the ability for its users to think of innovative ways it can change the world. “I remember 20 years ago when Internet access became available, people were asking what the point of it was. You could open one or two weird websites, but not much else. Today, you can literally lie in bed and run your life over the Internet. In some ways, Blockchain is the equivalent in its potential impact.”

 Headquartered in the UAE, Tristar specialises in the handling of petroleum and chemicals including hydrocarbons, lubricants and gases, and is a trusted partner to leading energy companies. Towards the end of 2016, one of Tristar’s major energy customers indicated that they wanted to see more technological advancements from the firm, and Lalani set about implementing a selection of changes that could position Tristar as a regional leader in logistics technology.

Spend on the technology in MENA is set to double this year, reaching $80m (£60.7m), and when it comes to members among the blockchain top-flight, it’s hardly a surprise that glinting desert city of Dubai stands among them.

“One of the main things that people are aware of is the fact that the government in Dubai Is seeking to be the first to have all of its government-related operations on the blockchain – this is a mandate that they seek to bring into fruition by 2020,” said Anthony Lauriola, COO of full-service blockchain solutions company Block Gemini.

Unlock met with the founder and CEO of Block Gemini Mr. Christopher Fernandez to talk about their projects in the MENA region. Block Gemini is a Blockchain consultancy and solution provider based in Dubai.  As Fernandez explained, “I don’t fear cryptocurrencies or tokens, I started exploring and investing personally in cryptocurrencies, Bitcoin in specific, since 2012. In early 2017, I decided to create Block Gemini to further develop the Blockchain ecosystem. Today we have over 100 employees and 7 offices in the UAE.”

Block Gemini is involved in not only developing Blockchain solutions for supply chain, finance, healthcare, Regtech and others, but also assists Blockchain startups with ICO consultancy. As Fernandez explains, “We are implementing a vast number of Blockchain solutions across UAE and supply chain management solution with TriStar…

The event will feature keynote presentations from HE Jamal Al-Hai, Deputy CEO of Dubai Airports and Badr Al-Olama, Head of Aerospace at Mubadala Investment Company; who lead the lineup of impressive industry names across the two days.

Taking place from 11 – 12 December, the MEBAA Conference brings together industry thought leaders to drive discussions focused on the opportunities and challenges facing the business aviation industry. In particular, the sessions are designed to provide tangible value to attendees and address topics ranging from those specific to the UAE to global step-changes such as technological advancements and threats.

The Zone: Would you please provide us with a little background on Block Gemini?

Block Gemini opened and gained its trade license in June 2017. It is a UAE company and was founded primarily because of the well-run Smart Dubai initiative and the government’s interest in starting to use blockchain technology. This opportunity allowed the company to develop and expand and Block Gemini now has offices in three countries: the UAE, India and Luxembourg.

The Zone: What exactly is blockchain technology, and what do people use it for?

Blockchain technology is known mainly for converting traditional paper contracts to smart contracts, which enable customers to get work done easily and efficiently. How does the smart contract work? It works with a computer code that allows all different types of documents to be legal. Using this form of technology, you can find out whether any of the parties is right or wrong, along with penalties given to people at fault. The computer code is important as it is considered the ‘court’ that provides litigation.

Dubai-based startup Block Gemini has developed a blockchain logistics solution which it deployed with Tristar Group. “We are mainly focusing on supply chain initiatives so we have a last mile delivery track and trace solution,” says Block Gemini co-founder and CEO, Christopher Fernandez.

He and his brother co-founded the startup in 2017 with ‘smart contracts’ in mind. With blockchain-enabled smart contracts, bureaucratic processes become more transparent. Smart contracts are a set of rules placed on top of a blockchain which all parties agree to. If those rules and conditions are met, the smart contract can negotiate the pending transaction or agreement. “It removes layers of bureaucracy and puts it all in one process,” Fernandez says. “Everyone is on the same distributed ledger, and this is very important in the oil industry when you might be signing a deal or there are special conditions in place.”