HomeBlockchainGateway: Sinochem and Shell working on a blockchain for oil

Gateway: Sinochem and Shell working on a blockchain for oil

According to rumours, Sinochem Energy Technology, a subsidiary of Sinochem Group, a chemical and oil company, is in talks to develop and launch a blockchain platform called “Gateway” in collaboration with Shell and Macquarie Group. 

Both Shell and Macquarie signed a memorandum of understanding in July to explore the potential of blockchain technology and develop an oil tracking platform, namely Gateway.

According to an internal source, the Gateway platform is valued at about $14 million and will allow the use of blockchain technology to increase the transparency of certain processes and reduce the risk of possible fraud.

Shell, for its part, is not new to the blockchain sector since it has already shown in the past that it is inclined to use a blockchain-based platform, for example, the Vakt consortium or the most recent investment in a company that uses the Ethereum blockchain to buy and sell locally produced energy.

Alfredo de Candia
Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.