Sinochem Technologies is working with Macquarie Group and Royal Dutch Shell to build a new energy blockchain platform, according to a new report.
A memorandum of understanding was made between the three partners for the establishment of the crude oil platform for trade and settlement. A subsidiary of the state-owned oil and chemical company valued the new platform at Rmb100 million (USD 14.1 million). “Sinochem has set an internal deadline for the technology company to attract strategic investors at the end of September or most recently in October because the company has a deep loss,” the source said.
Since its inception two years ago, the company has struggled with high spending and modest returns. Launched in August 2017, the technology company has a registered capital of RMB1 billion (USD 140 million). The money was earmarked for an Rmb 2 billion project, which was part of the privatization of Sinochem’s traditional energy business, which was later put on hold due to the lukewarm acceptance of the market.
Currently, the Sinochem Group has invested more than 600 million yuan in Sinochem Energy Technology. At one point, the company had more than 1,000 employees, but its workforce had been halved. The new digital platform, called Gateway, is trying to turn things around.
Blockchain technology is hoped that this new platform will reduce the inefficiencies associated with trading and settlement while increasing transparency and significantly reducing the risk of fraud. These three partners are not the first to create a digital platform for an energy deal.
The Vakt platform consists of several oil companies, including BP, Shell, and Equinor from Norway, as well as three trading companies, Mercuria Energy Group, Koch Supply and Trading, and Gunvor. This may be why Sinochem and other companies are contacting several other companies to join their new blockchain platform.
According to the source, this may include PetroChina and COSCO Shipping subsidiary COSCO Shipping Energy Transport Co., Ltd. No official date has been announced when the platform will go live.
For the time being, the group appears to be concentrating on other partners joining the joint venture. Note: The tag on the Bitcoin Core (SegWit) chain is called SegWitCoin BTC Token.
The emphasis on privacy, anonymity and away from government interference in the smelting currency is called a dark coin. Bitcoin Satoshi Vision (BSV) is now the only Bitcoin project that follows the original Nakamoto White Paper, which follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains Bitcoin’s original vision and scales it into the new global currency and corporate blockchain.