News Snapshot:
Per Sinochem, the COVID-19 pandemic has increased operation and trade financing costs. By leveraging the blockchain and IoT, the firm claims to have cut costs by 40%. Sinochem’s VP claims the blockchain will boost the credit rating of China’s petrochemical sector. Sinochem Energy High-Tech, a state-owned petrochemical giant in China, has rolled out a blockchain warehouse receipt platform. A report unveiled this news on October 16, noting that this move aims to address the rising cost of operations and trade financing. Reportedly, the surging demand for strict environmental and safety measures due to the COVID-19 pandemic has pushed the operational...
