China's National Bulk Commodity Warehouse Receipt Registration Center has launched a blockchain-based digital warehouse receipt pledge service in Shanghai, enabling businesses to use physical commodity inventories as collateral for financing.
Unveiled during a conference on building a trusted bulk commodity trading environment, the new pledge service operates on Cangdeng Chain, a digital platform built atop China's national-level shipping and trade blockchain infrastructure, Hangmao Chain. The system expands existing blockchain capabilities, which previously covered receipt registration, verification, inquiry, and transfer, by allowing enterprises to convert dormant inventory into liquid, financeable assets.
Wang Haibin, general manager of logistics firm CMST Development Co., Ltd. and chairman of the registration center, known as Quancangdeng, said the platform establishes a closed-loop digital lifecycle for warehouse receipts. By integrating directly with the Shanghai Clearing House for transfer registration and settlement, the system automatically cross-verifies four distinct data streams: commercial flows, logistics records, capital flows, and tax invoices. Wang noted that tax invoice data verification is now expanding from localized trials to a city-wide rollout across Shanghai.
Alongside the financing launch, Quancangdeng added four new duty-paid spot commodity categories to its registration roster: natural rubber, synthetic rubber, wood pulp, and stainless steel. The additions broaden the platform's coverage beyond core nonferrous metals such as copper, aluminum, lead, zinc, and nickel into the energy, chemical, and ferrous metal sectors. To date, cumulative registered cargo transfers on the platform have reached the trillion-yuan level, while digitally supervised trade volumes have surpassed hundreds of billions of yuan.
To support physical collateral verification, the center accredited several new partner warehouse operators during the event, including Sinotrans, COSCO Shipping Supply Chain, Guangzhou Port, and Xiamen ITG Yuansheng. Combined with earlier partnerships involving CMST, Shanghai International Port Group, and Sinotrans Central China, Quancangdeng's certified storage network now encompasses 36 locations spanning ports and inland logistics hubs across the Yangtze River Delta, North China, and South China.
The center also signed strategic cooperation agreements with regional spot trading venues, including the Shandong Bulk Commodity Trading Center, Zhejiang International Commodity Exchange, and Bailian Nonferrous. Under the agreements, warehouse receipts issued on these exchanges will connect directly to Quancangdeng's registry for ownership confirmation and data endorsement, creating an interconnected platform ecosystem for domestic spot trading.
Industry executives, including Puoke Finance founder and Chief Executive Officer Lin Hui, TradeGo CEO Yu Yingjiao, and Quancangdeng Deputy General Manager Liu Xun, joined government and financial institution representatives at the forum to discuss eliminating credit bottlenecks in commodity supply chains. Participants noted that unifying warehousing, trading, logistics, and finance on a single authoritative registry ensures verifiable goods, ownership, and data across the entire trade chain, advancing Shanghai's broader push to build an international financial and trade center and support China's unified national market.
