New blockchain warehouse receipt solution for petrochemical SMEs rolled out in China

Chinese company Sinochem Energy High-Tech has launched a new blockchain warehouse receipt platform for small and medium enterprises (SMEs) in the countryࢀ™s petrochemical sector. The solution, used for the first time in a transaction in late September, saw oil trader Beijing Longrunkaida request warehouse receipts from logistics service provider Nanchu Management Group on the platform. Beijing Longrunkaida then used the warehouse receipts to secure a trade finance loan from China Construction Bank. Sun Liming, vice-president of Sinochem Energy High-Tech, says that the platform works to ensure there is a ࢀœstrict correspondenceࢀ between digital warehouse receipts and stored goods. Using internet…