Shell, Macquarie to join Sinochem blockchain crude oil platform - Ledger Insights

Yesterday, Reuters reported that Sinochem Energy Technology Co Ltd, the tech arm of China-based Sinochem, is in talks with Shell and Macquarie for blockchain projects. A source told the news site that the firms are discussing building a platform for the trading of crude oil. Reportedly, oil giant Shell and investment bank Macquarie signed a Memorandum of Understanding (MoU) in July to explore blockchain systems for oil. This involved looking at one of Sinochem’s incubator projects named Gateway, an energy trading platform. The source revealed that Shell and Macquarie agreed to look at investing in Sinochem under the MoU. We believe PetroChina and COSCO Energy Shipping are also participants. Gateway hopes to streamline the oil trade with the improved transparency, fraud protection, and settlement efficiency afforded by blockchain technology. Exactly which blockchain the system will run on is unconfirmed.

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