China And Singapore Completed The First 100% Blockchain Commodity Trade

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A shipment of gasoline between a Chinese company and Singapore, was completed using Blockchain technology. Sinochem Corporation, which is one of four major Chinese state-owned oil companies, sent the shipment from Quanzhou to Singapore.

The company claims that this was the

“first time that Blockchain applications have been applied to all key participants in the commodity trading process.”

This is yet another of the “first” blockchain transaction this year. In January, US and China already completed the first agricultural trade using Blockchain. The cargo was a shipment of soybeans and involved five different parties. The trade was completed using the Easy Trading Connect (ETC).

It wasn’t the first one for the Sinochem Group either. In December last year, the Sinochem Group used Blockchain to complete the first crude oil import transaction.

Blockchain on the rise

Blockchain technology seems increasingly popular in the shipping and logistics industry. Chinese retail company JD.com will use Blockchain to allow clients monitor their orders and the product quality.

American giant, Walmart filed a patent application with the US Patent and Trademark Office (USPTO) for a “Smart Package” system. This Blockchain-based system will allow package contents tracking together with the environmental conditions and package location.

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