BEIJING, April 2 (Reuters) –
* Sinochem Energy Technology Co. Ltd., a subsidiary of Sinochem Corporation, has successfully used blockchain technology for a shipment of gasoline from China’s Quanzhou to Singapore, said official news agency Xinhua on Monday
* It claimed it was the first time that blockchain applications have been applied to all key participants in the commodity trading process.
* Sinochem Group claimed to have carried out the first crude oil blockchain import transaction in December 2017
* The technology is seen as a way to simplify complex and lengthy transactions in energy trading and reduce costs by digitalising key documents
Reporting by Dominique Patton; Editing by Susan Fenton