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27 October 2020

Top Chinese chemical firm uses blockchain to cut trade financing costs

Top Chinese chemical firm uses blockchain to cut trade financing costs


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Major players in China’s petrochemical trade have now applied blockchain technology to address weak points in the logistics cycle and alleviate the high financing costs and delays that many enterprises are faced with. .

These ministries tasked financial institutions and enterprises with improving their data sharing, digitizing supply chain financing settlements, and standardizing supply chain inventories and warehouse receipts

A recent Cointelegraph report has delved into China’s application of blockchain technology to digitize its infrastructure and encourage secure data sharing, with the aim of increasing efficiency and establishing better credit systems across various sectors, including the IoT, supply chain management and government services.

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