First Blockchain Commodity Trade Between China and Singapore

First Blockchain Commodity Trade Between China and Singapore

One of China’s four major state owned oil companies, Sinochem Corporation, has completed a shipment of gasoline from China Singapore utilizing blockchain technology entirely as reported on April 2.

This was the first time the blockchain technology has been applied to all key participants in commodity training process. The shipment was sent by Sinochem Energy Technology from Quanzhou, China to Singapore.

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In December 2017, Sinochem Group completed its first crude oil blockchain import transaction. The blockchain technology has been used in both logistics and shipping. The Chinese retail giant JD.com will also be using blockchain technology to monitor your orders and ensure customer product quality.

United States Postal Service recently filed a patent to use blockchain technology for its customer identity verification.

Walmart has also reported that will be using blockchain technology for their “smart package” system. This system will use blockchain to track the contents, location, and environmental conditions of their packages.

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