Sinochem using Blockchain Technology to Export Gasoline
Apr 04, 2018 Posted / 681 Views
Sinochem Group is a Chinese conglomerate mainly involved in the production and trading of chemicals and fertilizer and unearthing and formation of oil. One of its Subsidiaries, Sinochem Energy Technology Co. Ltd., was responsible for trade between Quanzhou, and Singapore. Quan
Although the details of the process were not manifested, it is said that this was “the first time that blockchain applications have been applied to all key participants in the commodity trading process.”
Whereas the company proclaims that it is not the first blockchain shipment, rather, first one dates back to Dec. 2017 for importing crude oil from the Middle East. Later, Sinochem posted on its site clarifying how the digital bill of lading and smart contracts could economize financial costs up to 20%-30%.
The Blockchain backed commercialization of the petrochemical sector in China will boost the cognizability of business transactions and dealing and advance the risk-management procedures of the industry.
In the past few months, China is amongst the top importers of crude oil. Also, it is one of the exporters of petroleum-based products to various nations in large quantities. Therefore, a pragmatic approach in the above-stated commercial sector shall be a lot beneficial for the sustainable growth of China.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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