Chinese petrochemical giant Sinochem Group has succeeded in utilizing blockchain technology to carry out a gasoline export.
The trial shipment was completed by the group's subsidiary, Sinochem Energy Technology, and traveled from the Chinese city of Quanzhou to Singapore, Xinhua said on Monday.
The state-owned corporation reportedly claimed that the trial shipment marks the first time that a blockchain-based commodity trading system has included all the central parties in the process.
Sinochem has previously experimented with blockchain technology, announcing in December that it had completed China's "first simulated transaction of blockchain crude oil import business from the Middle East."
At that time, the group said the simulation indicated that digital bills of lading and smart contracts could streamline crude oil transactions, "optimizing 20–30 percent of financing costs."
It remarked in its December statement,
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