The world seems to have finally realized the fruits of blockchain technology. After prominent companies and establishments steered towards the adoption of blockchain tech, countries followed suit. Several countries have been exploring ways to utilize the blockchain technology in various industries. Brazil’s largest mining company, Vale is the latest platform to hop on to the bandwagon.
Blockchain Tech Not Just For Crypto
While several platforms are still contemplating the incorporation of blockchain technology, Brazilian metals, and mining company, Vale has taken a huge leap by making a sale employing blockchain technology. The made the sale via blockchain to Nanjing Iron & Steel Group Internation Trade, a company based in China.
Touting this move as a milestone for the mining company, it revealed that the Letter of Credit was issued via the Contour blockchain platform. It further read,
“The Letter of Credit (LC) was issued through the Contour blockchain platform whilst the shipping documents and the electronic Bill of Lading have handled via essDOCS’ CargoDocs solution – with all actions carried out through a single, interfaced platform consolidated in Contour.”
Vale, one of the largest producers of iron ore in the world reportedly sold a cargo of 176000 tons of Brazilian blend fines [BRBF] to China from Malaysia‘s Teluk Rubiah Maritime Terminal. This transaction was overlooked by Standard Chartered Bank Malaysia Berhad as well as DBS Bank.
The platform added,
“It is 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.”
Furthermore, the Brazilian mining firm revealed that hassles with paperwork and e-mails were radically minimized during the process.
While China is already approaching the release of its Central Bank Digital Currency [CBDC], Brazil has revealed that its CBDC is underway. Recently, the President of Brazil’s central bank, Banco Central affirmed that the bank would issue a CBDC by 2022. The bank pointed out that it was steering towards reviving the financial system of the country.
Speaking about the need for CBDC, the President of the Brazilian central bank, Roberto Campos Neto said,
“To have a digital currency, you need an instant payment system that is efficient and interoperable; an open system, where you can create competition; and a currency that has credibility, is convertible and international.”