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Vale conducts first iron ore sale via blockchain

Reuters | September 3, 2020 | 3:28 pm Education Suppliers & Equipment Top Companies Latin America Iron Ore 
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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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