Beijing, Dec.25 (Xinhua) China’s Sinochem Corporation recently successfully piloted its first blockchain-based crude oil import trading targeting crude oil business from the Middle East importing to China.
An effect analysis of the trading shows that the digital bill of lading and smart contract as two major support for this application could significantly enhance the efficiency of crude oil transactions and optimize the transaction financing costs by 20% to 30%.
Featured by transparency, efficiency and security, blockchain technology could provide standard and platform for the tradings in the petrochemical industry in the future, and help enhance the transparency and risk management level of the trading business in the petrochemical industry.
http://news.8btc.com/costs-cut-by-30-chinas-petrochemical-enterprises-embrace-blockchain-technology
