BitcoinWorld

Black_background_logo_BitcoinWorld-removebg-preview
VALE (Courtesy: Twitter)
Latest News

Vale Completes Its First Sale Of Iron Ore Using Blockchain Technology

VALE
VALE

​Vale completed this Thursday announced its first sale of iron ore using blockchain technology with Nanjing Iron & Steel Group International Trade Co., Ltd., a subsidiary of Nanjing Iron and Steel Co., Ltd. (NISCO) for a cargo of 176,000 tons of Brazilian Blend Fines (BRBF) from Teluk Rubiah Maritime Terminal, in Malaysia, to China, according to an official media release.

This transaction is aligned with Vale’s strategy of becoming a more innovative and customer-centred company through greater integration with clients and partnering for the development of new solutions.

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 (LC) was issued through Contour blockchain platform whilst the shipping documents and the electronic Bill of Lading were handled via 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 Ltd and Standard Chartered Bank Malaysia Berhad.

The integrated transaction enabled end-to-end security and transparency with real time visibility of the documentation to all stakeholders, drastically reducing the amount of emails and paperwork exchanged among the parties and providing enhanced user experience through access to a single solution to execute the trade.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.