Sinochem Exports Gasoline using Blockchain Technology

Sinochem Group, China’s leading energy, chemicals, agriculture, real estate and finance provider, has successfully completed the shipment of gasoline using blockchain technology.

Reuters reported that one of its 300 subsidiaries, Sinochem Energy Technology Co. Ltd., was responsible for exporting the product from China’s city, Quanzhou, to Singapore.

While details of the process were not revealed, it is said that this was “the first time that blockchain applications have been applied to all key participants in the commodity trading process.” However, the company claims that this is not the first blockchain shipment, instead, one was carried out in Dec. 2017 for importing crude oil from the Middle East. Sinochem then posted an announcement on its website explaining how the digital bill of lading and smart contracts could save 20%-30% financial costs.

Reference: https://www.ccn.com/china-petro-sinochem-gasoline-blockchain/

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