Blockchain

The First Gasoline Export Using A Blockchain System Was Completed

Earlier on April 2nd, Reuters reported, that Sinochem Group, China’s largest petrochemical company successfully implemented the blockchain technology to perform a gasoline export. This was officially the first time where such kind of an innovative export was carried out. It was performed on a trial basis by the group’s subsidiary Sinochem Energy Technology and was carried out all the way from Guangzhou, a Chinese city to Singapore. The company expressed happiness at the fact that digital bills of lading and smart contracts possessed the capability to streamline crude oil transactions which in turn reduced nearly 20-30% of the financing costs.

Reuters had also reported back in December 2017 that the Sinochem Group had completed the “first crude oil” blockchain import transaction back then.

Blockchain technology has found many takers in the logistics and shipping industry. Earlier in the first month of this year, the first global agricultural trade via the blockchain was concluded between the USA and China.

A total of five different parties were involved in this trade, where the Easy Trading Connect (ETC) Blockchain platform was used to deliver a cargo shipment of soybeans.

Reports have emerged that, JD.com, the Chinese retail giant will also make use of the blockchain technology for customers to track their orders and safeguard the quality of products.

During the first half of March,  a patent application by Walmart for a “Smart Package” system that will utilize the blockchain to track package contents, environmental conditions, and the location was published by the US Patent and Trademark Office (USPTO).

Companies not only in the USA, but also several other European companies like energy giants Enron and Enel have been conducting trials by utilizing a blockchain platform developed by a major IT firm called Ponton.

Also, Australia’s largest electricity providers have been testing a new blockchain based platform called Power Ledger. It is safe to say that energy companies all over the world are looking to incorporate the blockchain platform into their system.

About the author

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Raj hirvate

The technical guru, with over 2 years of experience in web designing and coding. Undoubtedly the greatest technical asset present at Coinlogitic. His work ethics are second to none, an honest guy with a huge heart who is always willing to help others. He discovered the Blockchain world at the very start and being his usual self who is always ready to explore and learn, he began doing his own research which has provided him with a ton of knowledge in this department. His helping nature is what motivated us to start this small initiative known as CoinLogitic.