China and Singapore Complete First All-Blockchain Commodity Trade

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One of China’s four largest state-owned oil company, has compeleted a shipment of gasoline from China to Singapore entirely using Blockchain technology, via its subsidiary Sinochem Corporation, Reuters reported on April 2nd.

Sinonchem Energy Technology send a shipment from Quanzhou, China to Singapore, claiming that it was the “first time that Blockchain applications have been applied to all key participants in the commodity trading process.”

This was not the first use of Blockchain by the Sinochem Group, back in December of last year they completed the “first crude oil” Blockchain import transaction.

Lately the logistics and shipping industry has been receiving traction within the Blockchain ecosystem. At the beginning of this year, the first global agricultural trade using Blockchain was completed between the US to China. The trade, which involved five different parties, used the Easy Trading Connect (ETC) Blockchain platform to deliver a cargo shipment of soybeans. Chinese retail giant JD.com will also be implementing Blockchain technology for customers to monitor their orders and ensure product quality.

Furthermore, early last month the US Patent and Trademark Office (USPTO) published a patent application by Walmart for a “Smart Package” system that will use Blockchain to track package contents, environmental conditions, and location.

 

Source: Molly Jane Zuckerman, CoinTelegraph

 

Bogdan Maslea