China and Singapore Began First All-Blockchain Commodity Inter-Trade

First All-Blockchain Commodity Trade Completed Between China And Singapore

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  • China’s Sinochem began blockchain commodity inter-trade with Singapore.
  • With Blockchain tech, Sinochem completed a gasoline export to Singapore.

China: The decentralized ledger that backs digital assets – Blockchain Tech – is gaining adoption by many startups, firms, and nations recently. A recent report revealed that China’s Sinochem and Singapore have completed the first-ever all-Blockchain commodity inter-trade.

Also read: UnitedHealth Group Adopts Blockchain Tech To keep Doctor’s Records

According to Reuters, on 2nd April, China’s Sinochem Energy Technology, which is Sinochem Corporation’s subsidiary, has carried out a trial shipment of gasoline export using Blockchain tech entirely to Singapore from Quanzhou, a city in China.

China’s Sinochem Energy Technology claimed that the trial shipment of gasoline export it sent to Singapore from the Chinese city of Quanzhou was the “first time that Blockchain applications have been applied to all key participants in the commodity trading process.”

Reuters reported that last December, China’s Sinochem corporation, one of the Chinese 4 major state-owned oil firms, had completed the “first simulated transaction of blockchain crude oil import business from the Middle East.”

Blockchain tech is well adopted by various industries including the logistics and shipping industry. In Jan., US and China conducted what can be called the first agricultural commodity inter-trade globally with the aid of Blockchain tech. The agricultural inter-trade, which concerned the conveying of soybeans shipment from the US to China, involved 5 different groups and utilized the Easy Trading Connect (ETC) Blockchain platform. More so, – a retail giant in China – is planning to also employ the Blockchain tech for ensuring the quality of products and for purchase monitoring for customers.

Last month, a “Smart Package” system was launched by Walmart and published by the US Patent and Trademark Office (USPTO). The system would track locations, environmental conditions, as well as package contents using the Blockchain Tech.

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