Maritime Blockchain Labs (MBL) and BLOC participated in Massachusetts Institute of Technology's (MIT) Solve challenge, where tech entrepreneurs to address the world’s most pressing problems.
"BLOC and MBL participated in the challenge on coastal communities on how to mitigate and adapt to climate change while developing and prospering," said a press release.
"We are extremely proud to be part of the Solver class of this challenge, and are looking forward to the future collaboration with MIT," it said.
Solve is an initiative of the Massachusetts Institute of Technology (MIT) that advances lasting solutions from tech entrepreneurs to address the world’s most pressing problems.
Each year, Solve issues four Global Challenges to find the most promising Solver teams who will drive transformational change. Solve then builds and convenes a community of leaders and change-makers to form partnerships these Solver teams need to scale their impact.
The solution provides verified traceability of the fuels being delivered in the maritime industry. This in turn helps ship owners to make better-informed fuel purchasing decisions, enables authorities to monitor and regulate emissions, and allows insurance companies to pay out compliant shipping companies for engine failures due to contaminated fuel.