First All-Blockchain Commodity Trade Completed Between China And Singapore
A shipment of gasoline from China to Singapore is reportedly the first commodity trade managed entirely on a Blockchain.
A subsidiary of Sinochem Corporation, one of China’s four major state-owned oil companies, has completed a shipment of gasoline from China to Singapore entirely using Blockchain technology, Reuters reports April 2.
Sinochem Energy Technology sent 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.”
In December of last year, the Sinochem Group completed the “first crude oil” Blockchain import transaction, according to Reuters.
Blockchain technology has been well received in logistics and shipping. This January, 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.
At the beginning of March, 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.