Blockchain technology is continuously stretching its muscles after Chinese petrochemical largest company Sinochem Group successfully utilized blockchain technology to carry out a gasoline export. This export was the first of its kind and was carried out as a trial by the group’s subsidiary Sinochem Energy Technology. The shipment was meant from a Chinese city Guangzhou all the way to Singapore according to Xinhua.
According to Sinochem which is state owned the trial shipment was the first in which a blockchain based commodity trading system included all central parties in the process. The company has been in continuous experiments about blockchain. It announced in December that it was completing China’s first simulated transaction associated with Blockchain oil import from the Middle East.
The company was happy to state that digital bills of lading and smart contracts had the ability to streamline crude oil transactions reducing 20-30% of the financing costs. The company had stated in December that: “The platformization and standardization of Blockchain technology enabled China’s petrochemical industry in the near future will assist in the improvement of the transparency of transactions in China’s petrochemical industry and enable the enhancement of the overall risk management level of the industry.”
In general, the global energy industry has demonstrated a considerable interest in the blockchain industry with different big companies exploring blockchain energy trading platforms. Some of the notable companies that have taken a step towards blockchain include BP and Eni which started experimenting with one similar blockchain platform for gas trading in June 2017.
Other major companies include European energy giants E.on and Enel which are conducting trials using a blockchain platform developed by a major IT firm called Ponton. More to that Australia’s biggest electricity providers are also testing new blockchain based platform called Power Ledger. In general, there are many energy companies which are looking to incorporate the Blockchain platform into their system.