China Launches Blockchain Platform Cangdeng Chain for Metal Warehouse Receipts, Processes First Nickel and Copper Transactions

According to the National Commodity Warehouse Receipt Registration Center (NCWR), China has launched Cangdeng Chain, a blockchain-based warehouse receipt platform in Shanghai, completing its first digital transactions involving non-ferrous metals including nickel and copper. Built on China's Shipping and Trade Chain with support from CMST Development, Bank of Communications, and the National Blockchain Technology Innovation Center, the platform generates warehouse receipts directly on a blockchain ledger rather than through separate databases.

By May 2026, NCWR had registered over 277,000 metric tons of commodities with receipts totaling approximately 140 million yuan. A pilot financing program with China Zheshang Bank registered 993 metric tons of pledged commodities valued at more than 100 million yuan, while a copper financing initiative enabled companies to secure 17.4 million yuan through digital channels. Smart contracts automate registration and verification procedures to reduce fraud risks and improve financing efficiency.