The largest steel mill company transfers logistics to blockchain
The largest steel producer switches to blockchain
The Chinese giant has nearly $ 50 billion in annual revenues
In Russia, they also decided not to move away from decentralized data storage technology
International consortium news organizations, developing transparency standards.
China’s largest metallurgical company Baowu, and also the second largest in the world, announced the transfer of logistics to blockchain.
According to the official announcement, Distributed Ledger Technology (DLT) – this electronic database system shared between several network nodes or… More under the name Ouyeel will focus on traceability of certificates of deposit to improve traceability of manufacturing processes as well as regulatory supervision.
This is far from the first initiative of the Chinese giant related to the blockchain..
Back in 2018, Baowu created the first blockchain-solution in China for supply chain finance.
Front buying large batch, the buying party receives a certificate confirming quantity cash funds, necessary for the transaction.
It is on the basis of of this the supplier forms an offer.
Now, according to Baowu, via blockchain certificates already more than $ 21.7 billion issued from eight financial institutions.
The Chinese giant has already confirmed its intention to move to blockchain tracking the status of orders, sales, delivery and reporting.
Also in Baowu intend digitize reporting functions for tax and customs, including tracking the flow of payments and invoices.
Monopolists are switching to blockchain
Russia also sees the potential from the use of blockchain technology in state corporations and banks.
Previously edition BeInCrypto reported that Russian financial institutions have noted the benefits of a blockchain platform created by the Federal Tax Service.
Head of the Federal Tax Service of the Russian Federation Daniel Egorov noted that the blockchain-based platform helped improve the efficiency of government support micro and small business.
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