Mining company Vale and its partners have completed their first blockchain iron sale.
According to a statement on its website, Vale sold 176,000 tons of iron ore to Nanjing Iron Steel, Shipping the material from Malaysia to China.
Vale and its partners used the Contour blockchain platform to issue a letter of credit. The Shipping documents and an electronic waybill – a list of all the goods shipped – were processed via the CargoDocs solution from essDOC.
The company stated that it had guaranteed end-to-end security for the transaction and made real-time stakeholder documentation available via blockchain technology visible in real time. Vale noted that using blockchain drastically reduced the email and paperwork that the parties had to exchange.
“”This is an important milestone for the digitization of the sales and trading process. It brings innovation to traditional paper-intensive business transactions and provides better service to customers., and predictability in the steel value chain“said the company in the statement.
Mining giants have tried to use blockchain to reduce transportation inefficiencies. The BHP Group announced in May that it is expected to complete its first blockchain iron ore sale with Baosteel. The company has long been interested in technology and carried out a pilot test with the Japanese shipping company NYK review sustainable biofuels.
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