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First All-Blockchain Commodity Trade Completed Between China And Singapore

A Sinochem Corporation subsidiary has announced completing a shipment of gasoline from China to Singapore. The transaction was completely based on Blockchain. Sinochem Corporation is one of the four leading state-owned oil corporations.

Sinochem Energy Technology shipped the cargo from Quanzhou, China to Singapore and said that this was the first times Blochchain applications have been used in all the key participants in the oil trading process.

In late 2017, participants announced completing its first crude oil import transaction using Blockchain.

Blockchain technology seems to have received a warm welcome in the shipping and logistic industry. Early in January, the US and China completed the first global agricultural trade using Blockchain. The transaction involved five parties and used used the Easy Trading Connect (ETC) Blockchain platform to get the cargo delivered to soybeans. JD.com, a Chinese retail giant has also announced that it intends to start implementing Blockchain technology to monitor customer order as well as ensure the quality of the product.

In early March, US Patent and Trademark Office (USPTO) made a publication for Walmart patent for its “Smart Package” system, which will use Blockchain contents in every package, location and environmental conditions.

Recently, Zhang Yifeng, the head of China’s government-funded blockchain research center, China Banknote Blockchain Research Center said that the country is still on course towards the development of a state digital currency. Yifeng said that research as well as development of the digital currency is progressing but said the date of official launch is still unknown.

The organization, which is funded by the Chinese government, was established under the China Banknote Credit Card Industry Development, which is owned by the China Banknote Printing and Minting Corporation which is a subordinate of the country’s central bank, the People’s Bank of China (PBoC).

These comments came after the previous made by the former governor of PBoC Zhou Xiaochuan who revealed that the development of a state-backed digital currency is something that the government is working on but said the digital currency would not be built on distributed ledger technology. The comments by Zhang offer clarification on the status of the project.

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