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China completes the world’s first gasoline shipment using blockchain technology

China completes the world’s first gasoline shipment using blockchain technology

Blockchain technology is a distributed
record of transactions that is maintained by a network of computers on the
internet. It is seen as a way to
simplify complex and lengthy transactions in energy trading and reduce costs by
digitalising key documents. 

While blockchain first emerged as the technology
and system underpinning cryptocurrency,
logistics and shipping sector is also one of the potential use cases for the
application of blockchain to optimise operations and processes.

On
April 2, it was announced
that China has successfully used blockchain technology for a shipment of
gasoline from China to Singapore.

This
blockchain gasoline shipment was the first of its kind and was carried out as a
trial by Sinochem Energy Technology Co. Ltd, a subsidiary of the state-owned
and China’s largest petrochemical company Sinochem
Corporation
.

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
fact, Sinochem Group has been experimenting with blockchain technology.

In December last year, Sinochem Group carried
out its first crude oil blockchain import transaction. The trial was China’s
first simulated transaction of crude oil import using blockchain technology.

According
to the company’s press
release
, the trial was a practical step for the blockchain technology to be
applied in China's energy and petrochemical industry.

Sinochem
Group also stated that the data analysis of the effect of the simulated
transaction shows that digital bills of lading and smart contracts can
significantly enhance the execution efficiency of crude oil transactions and optimise
20% to 30% of the financing costs.

The
company also believed that blockchain will help improve the transparency of the
transaction business in China's petrochemical industry and enhance the overall
risk management level of the industry.

Other
than the petrochemical industry, China also pioneered the use of blockchain
technology in the world’s first global agricultural trade.

In
January this year, as reported by Reuters, China and the US completed the world’s
first fully-fledged global agricultural trade using blockchain
. The
transaction involved a cargo of US soybeans being shipped to China, while all
the sales contract, letter of credit and certificates were digitalised on the ING's
Easy Trading Connect (ETC) platform.

Companies
that were involved in this trade include: Louis Dreyfus Co, Shandong Bohi
Industry Co, ING, Societe Generale and ABN Amro. According to these
participating companies, the benefits of using blockchain include cost savings
and greater speed. It was said that in this particular agricultural trade, the
time spent on processing documents and data had been reduced five-fold.

PARTNER

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PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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PARTNER

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SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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