China's Nanjing Iron & Steel seals blockchain iron ore deal with Rio Tinto JV [Reuters]
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Source: Reuters
China's Nanjing Iron & Steel seals blockchain iron ore deal with Rio Tinto JV BEIJING, July 8 (Reuters) - China’s Nanjing Iron & Steel Co Ltd said on Wednesday it has completed its first blockchain-backed trade in iron ore after booking a $16.87 million shipment of the steelmaking ingredient from a joint venture of miner Rio Tinto. Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, helps to boost efficiency and transparency. For the past several years, commodities groups have been seeking to save time and money by using blockchain to digitalise a sector that still relies heavily on paperwork, but have come up against obstacles. Nanjing Iron spokesperson said the steel mill has acquired 170,000 tonnes - the equivalent of one Capesize bulk carrier - of Pilbara iron ore fines and lump from Hope Downs, a joint venture between Australian miners Rio Tinto and Hancock Prospecting Pty Ltd. The dollar-denominated transaction, supported by Singapore-b
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