Blockchain technology and governance specialist, Blockchain Labs for Open Collaboration (BLOC), has been recognised for its emissions Monitoring Verification and Reporting (MRV) solution that aims to help the maritime and shipping industries comply with environmental regulations.
The Massachusetts Institute of Technology (MIT) awarded BLOC first place on its Solve’s Coastal Communities Challenge, for its work in developing the emissions MRV solution.
The solution focuses on building digital infrastructure to enhance coastal community health and safety through traceability of shipping emissions. It uses blockchain in a real-world setting to support marine data to help enforce emissions regulations, including the IMO’s 2020 global sulphur cap.
The Emissions MRV application builds upon the Marine Fuel Assurance prototype funded by Lloyd’s Register Foundation as part of BLOC’s Maritime Blockchain Labs (MBL) initiative.
BLOC was selected from 33 teams participating in the Solve Challenge Finals, which included a live pitch event at the UN General Assembly week in New York City. The Solver teams were selected by Solve’s Challenge Leadership Group judges as the most promising set of solutions tackling large-scale global challenges.
MIT Solve’s Executive Director, Alex Amouyel, said: “We are incredibly inspired by each new Solver selected at Solve Challenge Finals as they advance solutions to four of the world’s biggest challenges. We had incredible diversity of solutions—nonprofits, for-profits, academic projects, all ages, and over 110 countries were represented. The judges had the difficult task of choosing the most promising ones.”
Deanna MacDonald CEO of BLOC, commented: “We are proud to have been a part of the MIT Solve competition and a winner in the Coastal Communities Challenge. Not only does this validate the importance of a solution to the fuels challenges in the shipping sector, it also provides us with a platform to create awareness and partnerships to bring this solution to market. Shipping emissions affect every corner of the world and yet have been largely ignored, this system will be a part of the shift towards solving this challenge with better global regulations and low-sulphur, compliant fuel for the maritime sector and we are thrilled to have the MIT Solve community supporting us in this endeavour.”