Sinochem Pilots Blockchain for Gasoline Export Shipment
Sinochem Energy Technology Co. Ltd., a subsidiary of Sinochem Corporation, has successfully used blockchain technology for a shipment of gasoline from China's Quanzhou to Singapore, said official news agency Xinhua on Monday.
It claimed it was the first time that blockchain applications have been applied to all key participants in the commodity trading process.
Sinochem Group claimed to have carried out the first crude oil blockchain import transaction in December 2017.
The technology is seen as a way to simplify complex and lengthy transactions in energy trading and reduce costs by digitalising key documents.
Reporting by Dominique Patton