April 2, 2018 / 12:29 PM / a year ago

Sinochem pilots blockchain for gasoline export shipment -Xinhua

BEIJING, April 2 (Reuters) -

* Sinochem Energy Technology Co. Ltd., a subsidiary of Sinochem Corporation, has successfully used blockchain technology for a shipment of gasoline from China’s Quanzhou to Singapore, said official news agency Xinhua on Monday

* It claimed it was the first time that blockchain applications have been applied to all key participants in the commodity trading process.

* Sinochem Group claimed to have carried out the first crude oil blockchain import transaction in December 2017

* The technology is seen as a way to simplify complex and lengthy transactions in energy trading and reduce costs by digitalising key documents

Reporting by Dominique Patton; Editing by Susan Fenton

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