SMM: Nanjing Iron and Steel Group International Economic and Trade Co., Ltd. (Nanjing Iron and Steel International Trade Co., Ltd.), a subsidiary of Vale and Nanjing Iron and Steel Co., Ltd. ("Nanjing Iron and Steel Co., Ltd."), completed the first iron ore transaction using blockchain technology on Thursday for 176000 tons of Brazilian mixed powder (BRBF) shipped from a logistics center in Malaysia to China. This transaction is in line with Vale's strategy of "committed to becoming a more innovative and customer-centric company", which Vale will achieve through greater integration with customers and cooperation in the development of new solutions.
This single transaction is an important milestone in the digitization of sales and trade processes, introducing innovation into traditional paper-intensive transactions, providing better service to customers and improving the predictability of the steel value chain.
Letters of credit are opened through the Cantor (Contour) blockchain platform, and shipping documents and electronic bills of lading are processed using essDOCS's CargoDocs system-all operations are performed through a single interface platform integrated on the Cantor platform. The transaction is also supported by DBS Bank and Standard Chartered Bank Malaysia Branch.
This integrated transaction enables all relevant participants to access documents in real time and provides security and transparency between terminals, thus significantly reducing the workload of exchanging e-mails and documents between parties; at the same time, users only need to visit a single trading platform to complete the transaction, thus improving the user experience.
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