Core Viewpoint - The "Shipping Trade Blockchain Network" (航贸链) is being developed to enhance the efficiency and transparency of bulk commodity trade in the Yangtze River Delta, aiming for a trade scale exceeding 10 trillion yuan annually [1][2]. Group 1: Industry Overview - The Yangtze River Delta accounts for over one-third of China's import and export trade, with key commodities like crude oil, iron ore, and non-ferrous metals playing a crucial role in national resource security and supply chain stability [1]. - Traditional bulk commodity trade faces challenges such as lack of transparency in physical information, difficulties in verifying paper documents, and isolated data systems, which hinder efficiency and scale [2]. Group 2: Technological Advancements - The introduction of blockchain technology is transforming the industry by enabling traceable data and multi-party business collaboration, shifting from reliance on enterprise credit to "physical credit" based on the status and ownership of goods [2]. - The "Shipping Trade Blockchain Network" supports Shanghai's digital reform in bulk commodity trade, with significant progress in areas such as warehouse receipt registration, trading, financing, and invoicing, involving multiple stakeholders including storage institutions, registration platforms, exchanges, banks, and tax authorities [2].

Core Insights - The shipping trade blockchain network, known as "航贸链," is enhancing the efficiency and quality of the Yangtze River Delta's bulk commodity trade system, aiming for an annual trade scale exceeding 10 trillion yuan [1] Group 1: Industry Development - The Yangtze River Delta accounts for over one-third of China's import and export trade, with bulk commodities like crude oil and iron ore being critical for national strategic resource reserves [1] - Traditional trade models face challenges such as information opacity and data silos, which hinder industry growth [1] Group 2: Technological Advancements - The blockchain technology enables traceable data and multi-party collaboration, shifting the focus from enterprise credit to "physical credit" based on the status and ownership of goods [1] - The integration of electronic bills of lading, electronic delivery orders, and electronic warehouse receipts on the blockchain allows for real-time value calculation, transforming static goods in warehouses into efficiently flowing capital [1] Group 3: Digital Regulation - The launch of the electronic warehouse receipt and digital regulatory system will create credible certificates through the on-chain circulation of electronic warehouse receipts, ensuring consistency between physical goods and electronic records [2] - This system will first be implemented in Zhoushan, China's largest oil and gas storage and transportation base, covering over 30 million cubic meters of oil storage [2]