Vale conducts first iron ore sale via blockchain
Stock image.
Brazil’s Vale conducted its first iron ore sale via blockchain to a subsidiary in China of Nanjing Iron & Steel in what the mining company said was an important milestone towards digitalization of sales.
The letter of credit was issued through Contour’s blockchain platform in a procedure that significantly reduced the quantity of e-mails and paperwork, the mining company said.
(By Anthony Boadle; Editing by Chris Reese)
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