Oil products are important commodities related to the national economy and the people's livelihood. The order of oil products market is related to the safety of people's lives and property and the stability of the entire market economic order. After the gradual opening of the domestic oil market, private oil enterprises have gradually become a main force to maintain the stability of the oil market and promote the circulation of oil products. With the increasingly fierce competition in the industry, the price of oil products has risen too fast, and private oil companies are facing capital problems and are difficult to conduct business. Warehouse receipt financing business is proposed as a solution to the problem timely. This paper combines the hardware and software facilities of the oil industry chain in the China (Zhejiang) Pilot Free Trade Zone, using the oil storage supervision system and blockchain technology, together with oil enterprises, warehousing enterprises, trading platforms and banks, to build the oil warehouse receipt financing system. It is proved that the financing of oil warehouse receipts in the China (Zhejiang) Pilot Free Trade Zone can avoid most risks and form a win-win situation.
Warehouse receipt financing; Oil trade; Blockchain; Internet of Things; Zhejiang Free Trade Zone
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