Brazilian iron-ore major Vale has made its first sale using blockchain technology, a move which the company said was an important step towards the digitalisation of the sales and trade process.
The sale with Nanjing Iron & Steel Group International Trade, a subsidiary of Nanjing Iron and Steel, was for a cargo of 176 000 t of Brazilian blend fines (BRBF) from Teluk Rubiah Maritime Terminal, in Malaysia, to China.
“It is an important milestone towards the digitalisation of the sales and trade process, bringing innovation to the traditional paper-intensive trade transactions and offering a better service to the clients, as well as predictability in the steel value chain.”
The letter of credit was issued through Contour blockchain platform, while the shipping documents and the electronic bill of lading were handled through essDOCS' CargoDocs solution - with all actions carried out through a single, interfaced platform consolidated in Contour.
The transaction also had the support from DBS Bank and Standard Chartered Bank Malaysia Berhad.