Sinochem Group, a Chinese petrochemical giant has succeeded in utilizing blockchain technology to carry out a gasoline export that traveled from the Chinese city of Quanzhou to Singapore on Monday 2nd April 2018. Sinochem Energy Technology – a subsidiary of the Sinochem group completed this trial shipment.
Although this isn’t the first time the organisation is experimenting with the technology, the trial shipment marks the first time that a blockchain-based commodity trading system has included all the central parties in the process. In December, it announced that it had completed China’s first simulated transaction of blockchain crude oil import. The group announced that the simulation indicated that digital bills of lading and smart contracts could run crude oil transactions, reducing 20-30 percent of financing costs.
The group further stated that in the future, standardization and platformization of blockchain-enabled trade in China’s petrochemical industry will help improve the transparency of the transaction business in the industry and enhance the overall risk management level of the industry.
Blockchain Technology has certainly been of notable interest to the energy sector globally, with a lot of major corporations exploring its use cases for trading.