Sinochem Energy Technology, a subsidiary of Chinese petrochemical giant Sinochem Corporation, has successfully used blockchain technology for the export of gasoline, CoinDesk reported referring to Xinhua.
The gasoline shipment traveled from Quanzhou, China to Singapore. The pilot participants include Sinopec, Xiamen Customs, China Inspection Group, HSBC, shipowners, and freight forwarding companies.
“This is the world's first oil blockchain application project with government departments involved, and is the first blockchain application in the world that includes all key participants in the process of commodity trading,” Sinochem said in an official statement (loosely translated).
Earlier in December 2017, Sinochem announced that it completed the country’s first simulated transaction of blockchain crude oil import business from the Middle East. It said that the simulated transaction showed that “the digital bills of lading and the smart contracts can significantly enhance the execution efficiency of crude oil transactions, optimizing 20% -30% financing costs.”
Headquartered in Beijing, Sinochem Group is a state-owned enterprise under the supervision of State-Owned Assets Supervision and Administration Commission of the State Council of China (SASAC). It has established five Strategic Business Units (SBU), namely energy, chemicals, agriculture, real estate and finance and operates more than 300 subsidiaries around the world.
