Top Chinese chemical firm uses blockchain to cut trade financing costs
One of China’s largest chemical producers has launched a new Blockchain Warehouse Receipt Platform to help the industry combat the rising costs of operations and trade financing.
An increased demand for more environmental and safety measures amid the pandemic has further driven costs up in China’s petrochemical trade. Small enterprises were already struggling to meet the credit conditions of financial lenders, as a lack of effective risk control and difficulties in securely tracking transaction processes of bulk commodities have led financial institutions to tighten lending on warehouse financing.
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