The first all-blockchain gasoline trade was made by a subsidiary of Sinochem Corporation, which is one of the largest Chinese oil company, according to Reuters.
The oil shipment was made from China to Singapore and it was conducted autonomously by a blockchain through the whole process.
The giant Chinese oil company claimed that “it was the first time that blockchain applications have been applied to all key participants in the commodity trading process.”
Sinochem Energy Technology also made the first “crude oil blockchain import” last year, said Reuters.
The utility of the blockchain technology in this type of industry is “seen as a way to simplify complex and lengthy transactions in energy trading and reduce costs by digitalising key documents,” stated Reuters.
The China-based e-commerce giant JD also announced that it will use a blockchain platform to track beef imports, earlier in March.
On March 23rd, JD explained that it will develop a blockchain platform to enhance the transparency in their supply chain.