13 August 2019, Singapore: Chinsay, in collaboration with Cargill, Rio Tinto, essDOCS, Voltron, HSBC and BNP Paribas, is announcing the completion of the first-ever end-to-end, fully integrated paperless trade for iron ore, which involved a bulk shipment from Australia to China. Chinsay’s Intelligent Contract Platform (ICP) is providing automation and digitalisation of contract issuance early in the process, contributing to significant downstream operational efficiencies. This trade is the first example of collaboration between vendors, global corporations and a bank consortium, with Chinsay’s involvement making Blockchain solutions a very real possibility. It’s the first trade to have been executed on a fully-digitalised platform such as Chinsay’s ICP, automating the contract process and minimising time spent on contract issuance by approximately 98%, reducing it from 3-4 days to just 1.5 hours. Colin Hayward, CEO of Chinsay, said: “This first paperless trade is a big step for the commodity industry and an excellent example of companies collaborating to achieve an important change for the markets. It marks a significant turning point in the adoption of innovative technology and an illustration of how markets and companies can benefit from embracing new thinking and solutions.” For the trade of the bulk iron ore shipment, Cargill… continue reading
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Source: CTRM Center