Sinochem Energy Technology, a subsidiary of the Chinese state oil and gas giant Sinochem Group, plans to launch a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details platform with Shell and Macquarie.
Blockchain Gateway platform
Shell and Macquarie reportedly in July signed an agreement to develop a blockchain platform with Sinochem Energy. Reuters reported this on Thursday.
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According to the report, Sinochem Energy estimates the platform, called Gateway, at 100 million yuan ($14 million). The company planned to attract investors by the end of September.
Gateway platform is aimed at promoting the efficiency of trade and settlements, increasing transparency and reducing the risk of fraud. It is also reported that Sinochem is in talks with PetroChina Co and COSCO Shipping Energy Transportation Co Ltd, a subsidiary of COSCO Shipping, to invest in its blockchain platform.
- Interestingly, Shell already supports another blockchain oil platform in association with BP, created by Vakt Global. The platform facilitates oil tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details between commodity firms.
Editor: Yuliya Soroka