Vale completes iron ore transaction through blockchain

[Lenipiw]

Blockchain helps the other kind of mining. Mining firm Vale and its partners completed its first iron sale over blockchain.

According to a statement on its website, Vale sold 176,000 tons of iron ore to Nanjing Iron & Steel, sending the material from Malaysia to China.

Vale and its partners used the blockchain platform Contour to issue a letter of credit. Shipping documents and an electronic bill of lading—a list of all the goods shipped—were handled through essDOC’s CargoDocs solution.
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