Blockchain Pilot For Gasoline Export Shipment Completed By China’s Sinochem Energybr>
Sinochem Energy Technology has completed a shipment of gasoline from China to Singapore entirely using blockchain technology.
Sinochem Energy Technology is a subsidiary of Sinochem Group, a Chinese conglomerate primarily engaged in the production and trading of chemicals, fertilizer and oil. Sinochem’s core businesses span energy, agriculture, chemicals, real estate, and financial services.
Sinochem Energy Technology claims that the trial shipment was the “first time that blockchain applications have been applied to all key participants in the commodity trading process.”
Sinochem has previously experimented with blockchain technology, announcing in December that it completed China’s first crude oil blockchain import transaction. At the time, the company said that the simulated transaction showed that digital bills of lading and smart contracts can significantly enhance the execution efficiency of crude oil transactions, optimizing 20% -30% of financing costs.
“Blockchain technology is characterized by transparency, efficiency, safety, and stability,” the company said. “The standardization and platformization of the blockchain technology enabled trade in China’s petrochemical industry, and in the future will help improve the transparency of the transaction business and enhance the overall risk management level of the industry.”
Last month, S&P Global Platts started the deployment of its blockchain platform for sharing oil inventories in the United Arab Emirates (UAE). The platform allows market participants to submit weekly inventory oil storage data to the UAE’s Fujairah Oil Industry Zone (FOIZ) and the regulator FEDCom. It reduces the burden of manual data management for both FEDCom and the terminal operators.
Earlier this month, the International Energy Research Center (IERC) launched a project that aims to accelerate peer-to-peer (p2p) energy trading in Ireland through blockchain.