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.