China’s Petrochemical Company Completed Gasoline Export Using Blockchain System
A new success based on blockchain technology was obtained by the Chinese giant Sinochem Group, which provides petrochemical services. The company used the technology on which crypto platforms are based to realize a gasoline export.
Of course, the first initiative was considered as an attempt, which was successfully completed. The export process took place between the destinations of Quanzhou (China) and Singapore and was carried out by Sinochem Energy Technology, according to Xinhua.
It’s the first time when a state-owned company has introduced blockchain technology within central parties in the process.
Sinochem Energy Technology is not at its first engagement in blockchain activities. It has carried out a trial transaction in December 2017 in order to finalize the “first simulated transaction of the Middle East oil block business” in China.
Following the successful 2017’s transaction, the company confirmed that digital technology and smart contracts could “optimize 20-30 percent of financing costs” for oil transactions.
In a statement published in December 2017, the company stated that:
“The standardization and platformization of the blockchain technology enabled trade in China’s petrochemical industry in the future will help improve the transparency of the transaction business in China’s petrochemical industry and enhance the overall risk management level of the industry”.
More and more energy companies have embraced blockchain technology. Among these are the BP and Eni oil giants who have begun to test this technology since June 2017. Also, we can add the energy giants Enel and E.ON.