Brazil’s Vale conducts first iron ore sale via blockchain

Sept 3 (Reuters) – 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.

Reporting by Anthony Boadle
Editing by Chris Reese