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USING BLOCKCHAIN FOR CRUDE OIL RECEIPT

Chinese digital technology company 66Yunlian Technology has completed the world’s first crude oil blockchain digital warehouse receipt pledge

Recently, Chambroad Logistics, China’s leading hazardous chemicals logistics enterprise, worked with 66Yunlian Technology, a digital technology company financially backed by Sinochem Group, to complete the world’s first crude oil digital warehouse receipt pledge based on blockchain and Internet of Things (IoT) technology1.

Qingdao Taihe Jiabai Energy applied for a warehouse receipt for its 17,000 tonnes of crude oil stored by Chambroad Logistics. Chambroad Logistics then issued a digital warehouse receipt for the oil on the 66Yunlian’s blockchain digital warehouse receipt platform. Subsequently, Qingdao Taihe Jiabai Energy launched an online digital warehouse receipt pledge application to Shandong Port Financial Holding to obtain a loan. Shandong Port Financial Holding conducted a risk control approval, including cross verification of...

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