BEIJING, April 2 (Reuters) – * 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; Editing by Susan Fenton
Continue reading Sinochem pilots blockchain for gasoline export shipment -Xinhua. This article appeared first on CTRM Center.
Source: CTRM Center