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To do bulk commodities, we also need to understand blockchain: illustrate how blockchain applies commodity trade, taking the world's first agricultural blockchain trade as an example

Time : 13/09/2021 Author : mwlez6 Click : + -
        Original title: to do bulk commodities, we also need to understand blockchain: illustrate how blockchain applies commodity trade, taking the world's first agricultural blockchain trade as an example!. Guide: as an emerging technology system, blockchain technology has been more and more applied in bulk commodity trading. From last year to this year, blockchain technology can be seen in both crude oil and agricultural products transactions. Now let's have a look!. According to Xinhua News Agency on December 25th, 2017, Sinochem Corporation has successfully completed China's first blockchain crude oil import pilot for crude oil import business from the Middle East to China. The effect analysis of this transaction process shows that the application of this technology has two supports &mdash& mdash; Digital bills of lading and smart contracts can significantly improve the execution efficiency of crude oil transactions and optimize 20% to 30% of transaction financing costs.
        Blockchain technology is transparent, efficient, safe and stable. In the future, the standardization and platformization of blockchain technology trade application in China's petrochemical industry will help to improve the transparency of petrochemical industry trading business and improve the overall risk management level of the industry. In fact, long before the Sinochem water test blockchain, some large overseas traders were stepping up the pilot application of blockchain. In February last year, mercuria, a large international energy and commodity trader, joined SG and ing to conduct a pilot application of the crude oil trading blockchain; In March, Trafigura, together with Natixis (France foreign trade bank) and IBM, organized the Texas crude oil transaction in the United States and piloted the blockchain application; In June, BP, together with Eni group of Italy, Vienna energy company of Austria, BTL, a Canadian technology company, and Ernst & young, launched a blockchain natural gas trading pilot &hellip& hellip;。
        Not only the oil and gas industry, blockchain technology is also used in the transaction of bulk agricultural products. Reuters quoted trading participants as saying on Monday that a U.S. soybean shipment destined for China became the first agricultural trade completed entirely through blockchain. Louis Dreyfus, Shandong Bohai Industrial Co., Ltd., Netherlands International Group, Societe Generale and ABN AMRO participated in this trade. In this trade, sales contracts, letters of credit and various vouchers are carried out digitally on the easytradingconnect (etc) platform. "We have noticed a great improvement in efficiency... Much more than we expected," said Louis Dreyfus, adding that the time spent on file and data processing has been compressed five times.
        Then the question comes: how does blockchain technology play its role in the process of commodity trading? The following figure explains in detail the application process of blockchain commodity trading. As shown in the figure, blockchain has obvious advantages in bulk commodity trading, and its future application prospects are unlimited!.
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