Vice Chairman of China Coal Transportation and Marketing Association: Blockchain can solve the problem of opaque information on the coal trading chain

According to Sina Finance News, on December 4, the 2020 National Coal Fair was held in Rizhao, Shandong. Feng Yu, vice chairman of the China Coal Transportation and Marketing Association and director of the coal trading market professional committee, said that blockchain technology can be applied to coal The field of trade. In coal trade and financing, it is not easy for traditional financial institutions to believe in coal trade, because the full chain information of coal trade is not public, and it is difficult for financial institutions to trace all the information. In the future, the information on the entire trade chain will bring new ideas to the entire market and gain the trust of financial institutions. At present, the biggest problem in the field of coal trade is that the whole process is non-standard and there is no standardization. The quality of each batch of coal, the trade settlement cycle, etc. are different, so the industry needs a standardized agreement. I hope that blockchain technology can achieve this in the future. He also said that he hopes to make a standard at present, and experiment with the simplest and most standard trade chain in the early stage.