Miner Vale and its partners have completed their first blockchain iron sale.
Vale has sold 176,000 tons of iron ore to the Nanjing Iron and Steel Company, to ship the materials from Malaysia to China, according to a statement on the website.
Vale and its partners used the Contour blockchain platform to open the letter of credit. The shipping documents and the electronic consignment note – a list of all items sent – were processed using essDOC’s CargoDocs solution.
The company said it provides comprehensive transaction security with the ability to view real-time stakeholder documents, available via blockchain technology. Weil noted that the use of blockchain has significantly reduced the number of messages and documents that parties have to exchange.
“This is an important milestone on the road to digitalisation of the sales and trading process, which brings innovation to the traditional volume trade, and provides better customer service and predictability in the steel value chain,” the company said in a statement. statement.
The mining giants have tried to use blockchain to reduce inefficiency in delivery. In May, BHP announced that it hoped to complete its first blockchain iron ore sale with Baosteel. The company has long been interested in this technology and has conducted a pilot test with the Japanese shipping company NYK to test the sustainability of biofuels.