Chinese giant reduce logistic costs with blockchain

Sinochem Group is a Chinese state-owned company that deals with the extraction and transportation of oil and fuels. It is one of the first 500 world companies according to Fortune.

According to the Reuters news agency, which reports a Chinese Xinhua agency released on Monday, in recent days Sinochem’s controled company Sinochem Energy Technology Co. Ltd., has carried out its second transport of diesel from the port of Quanzhou to Singapore port using blockchain for document management.

The technology would have been applied to all those involved in the transport process.

Blockchain is used to simplify, speed up and reduce the costs of telematic authorization processes.

The first ever diesel transport of the same company with the use of blockchain technology took place in December 2017.

In this post on its website, the company itself declared to wish a reduction of 20-30% of the costs using the blockchain in the documents management and authorization processes concerning the transport of diesel fuel and other fuels.