Largest Brazilian Mining Company Starts Selling Ore Through Blockchain
Earlier, the head of the Central Bank of Brazil announced the launch of the state cryptocurrency by the end of 2022 of the year
In China too actively transfer monopolists to blockchain from aim reduction of production costs
International consortium news organizations, developing transparency standards.
The company is a leader in the extraction of iron ore and nickel not only in Brazil, but also in all the world
Vale, Brazil’s largest mining company, conducts first blockchain iron ore sale to Chinese subsidiary Nanjing Iron & Steel.
According to the official announcement, the transaction was a sale 176 000 tons of cargo from Malaysia to China.
Blockchain transaction marks the first use of distributed ledger technology at this level in Brazil.
From the financial side, the deal was supported by Singapore’s DBS Bank and Malaysian Standard Chartered Bank Malaysia Berhad.
“The transaction provided end-to-end security and transparency with visibility of documentation in real time for all stakeholders, drastically reducing quantity emails and documents, which exchanging parties, and improving interaction with user at the expense access to a single solution for execution of the transaction “, – said in Vale.
Vale takes the leading place not only in Brazil, but also in the world for the extraction of iron ore and nickel.
Vale’s use of blockchain in production comes amid announcement by Bank of Brazil to complete digital currency Central Bank (CBDC) Bills and coins may stay in the past due to new financial instrument – digital currency central banks (CBDC). As of… More).
Brazil To Release CBDC By The End Of 2022 According To Central Bank Governor Roberto Campos Neto.
However, Vale is far from the last world-class manufacturing giant to integrate blockchain technology into its business..
Despite the interest in blockchain from industry monopolists, investments in the blockchain market in the first half of the year 2020 years fell 63%.
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