| The name of the base system (platform): | Projects based on blockchain technology |
| Developers: | Sinochem |
| Date of the premiere of the system: | October, 2020 |
| Branches: | Oil industry |
Content |
2020: The Chinese oil giant Sinochem implemented a raw materials storage blockchain
On October 16, 2020 the Chinese oil company Sinochem provided a blockchain service for raw materials storage. The solution under the name Blockchain Warehouse Receipt Platform uses technology of Internet of Things.
The first transaction was performed with the Beijing Longrun Kaida Petrochemical Products petrotrader who received the warehouse receipt from Nanchu Management Group. This receipt then was used for ensuring financing of trade from China Construction Bank. Benefit - financing on the same day and cost reduction for 40%.
There was a set of scandals with trade financing when warehouse receipts were used for receiving financing from more than one bank. In 2014 in the Chinese port of Qingdao large fraud for the amount of 12.3 billion yuans ($1.83 billion) was committed, including operations with counterfeit warehouse receipts were made, 3.6 billion more yuans ($530 million) are connected with fraudulent activity when sending loads.
The vice president of Sinochem Energy High-Tech of San Liming explained how the provided platform helps:
 | She uses IoT technology for careful monitoring of goods for digital warehouse receipts to guarantee that each warehouse receipt directly confirms existence of goods. Besides, the platform implements the fast goods delivery, guarantees receiving and also provides integration of "four flows" (a receipt flow, capital flow, a flow of contracts and a product flow). Moreover, the blockchain technology guarantees that the written data cannot be forged. |  |
The following steps include development of the platform for attraction of bigger number of participants, including the Shanghai exchange of oil and natural gas and the Chinese association of warehouse economy and distribution. The company intends to promote integration of the product about a solutions blockchain of other enterprises.[1]
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