Vale and China Baowu completed the first iron ore transaction between the two parties using blockchain technology

23 10 月, 2020

新闻通告

Rio de Janeiro, Brazil, October 23, 2020 -Vale and China Baowu today completed the
first iron ore transaction using blockchain technology between the two parties. The
transaction content is 318,000 tons of Caraga from Brazil to China Sifan (IOCJ). This
single transaction is in line with Vale’s strategy of “committed to becoming a more
innovative and customer-centric company”. Vale will achieve this strategy through greater
integration with customers and the development of new solutions through cooperation. The
currency of the transaction with Baowu of China is RMB. Vale also completed a US dollar
iron ore transaction using blockchain technology with another customer in September.

Challenges in the supply chain and physical paper documents are driving the digitization
of transactions. This single transaction is taking place in such a critical period. The entire
supply chain process from ship notification to freight delivery is completed electronically
Enabling China Baowu to see the entire process from order placement to cash flow.

This single transaction is based on MineHub’s blockchain platform and essDOCS’s
CargoDocs system. This is also the first cross-platform real-time transaction successfully
completed between MineHub and essDOCS. Vale and China Baowu, as leaders in the
mining and steelmaking industries, will continue to cooperate to promote the innovation
and digitalization of the entire mining and metal industry.

了解平台

Inventory management
  • Integrated with trade management enables with automated updates of inventory with stock inflows and outflows
  • Forecast inventory levels to avoid stockouts
  • Optimize working capital through minimizing excess stock levels
  • Remove spreadsheets, reconciliation communications and operational risk of manual updates

Trade Management

Buyers and sellers of commodities collaborate on all aspects of their term contracts and transaction in one place, enabling all parties involved in a transaction to always be on the same page, in real-time

Benefits

  • Real-time visibility of all shipments across oceans and land – location and ETA
  • Secure exchange of key documents
  • Keep all communications related to the transaction with the transaction data set
  • Notifications of key events
  • One version of the truth – no need to reconcile and check
Arnoud Star Busmann is one of the pioneers in the intersection of commodities, finance and blockchain technology. Prior to joining Minehub, he was the Innovation lead for Commodities at ING Bank where he led the cross-industry initiative ‘Easy Trading Connect” that spawned projects like VAKT and komgo. Arnoud is an all-round executive with tech DNA, and has over 20 years experience in strategy execution, enterprise transformation and “blue chip” startups. After obtaining a master’s degree in Computer Science from the Netherlands, he lived and worked across Europe, Asia and Oceania.