Brazilian iron ore producer Vale concluded its first sale deal of iron ore with a subsidiary of Nanjing Iron and Steel (Nisco) using blockchain technology, according to a company release on September 4. The order consists of a cargo of 176,000mt of Brazilian Blend Fines (BRBF) from Teluk Rubiah Maritime Terminal in Malaysia to China.
The Letter of Credit was issued through Contour blockchain platform, while 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.