Agoracom Blog

$VALE completes first sale of iron ore using #blockchain technology with Nanjing Iron & Steel – SPONSOR: Blockchain Foundry $ $ $ $ $ $

Posted by AGORACOM-JC at 3:33 PM on Friday, October 30th, 2020



  • A leading North American blockchain development firm
  • 2020 H1 Revenue Of ~$900,000
    • 187% Year Over Year Growth
    • Positive Net Income
  • Self sustaining consulting practice with growing pipeline and potential upside from product development and commercialization
  • Partnered with Binance, the largest digital asset trading platform in the world, to leverage the Syscoin platform.
  • A Blockchain company with Real Products, Real Customers, Real Revenues and Real Income
  • Blockchain Foundry is a “Blockchain 2.0” company that has survived and will thrive  

Hub On AGORACOM / Corporate Profile

Vale completes first sale of iron ore using blockchain technology with Nanjing Iron & Steel

  • Vale, one of the world’s largest mining companies, completed 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.
  • Vale said this transaction is aligned with its strategy of becoming a more innovative and customer-centered company through greater integration with clients and partnering for the development of new solutions.

Vale also called it an important milestone towards the digitalization 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 the 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. 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.


Tags: , , , , , , , , , ,

Comments are closed.