BEIJING, China, Oct 15, 2020 - (ACN Newswire) - On September 27, China's petrochemical industry saw its first digital warehouse receipt pledge financing transaction that integrates blockchain and Internet of Things (IoT) technology successfully implemented in China, providing new solutions for small and medium-sized petrochemical enterprises perplexed by overly expensive and slow financing.This transaction has involved China's Sinochem Energy High-Tech Co., Ltd., China Construction Bank Inner Mongolia Branch, and Nanchu Management Group Co., Ltd. The financing party, Beijing Longrunkaida PEC Products Co., Ltd., is one of the largest traders in lubricant and base oil industries in northern China in terms of sales volume. From the application for issuance of warehouse receipts to the bank's appropriation of the loan, it took less than one day with a cost 40% lower than that of common trade finance services in the market.Ma Xiaohui, Chief Financial Officer of Beijing Longrunkaida, introduced the process of this financing deal, "Through Sinochem Energy High-Tech's '(Blockchain) Digital Warehouse Receipt Platform', we applied to Nanchu Management Group for the issuance of warehouse rece...