Shumaker Manufacturing

A Legal & Industry Review

Rio Tinto and Cargill behind landmark blockchain iron ore shipment

BNP Paribas and HSBC Singapore have successfully completed Singapore’s first fully digitised end-to-end letter of credit transaction between two different companies – a move the pair said in a release that will take the digitisation of trade finance a step closer to becoming a commercial reality.

 The transaction involved Rio Tinto selling a bulk shipment of iron ore originating from Australia to China for its customer Cargill. As part of the transaction, BNP Paribas issued a letter of credit (LC) over the blockchain on behalf of Cargill to HSBC Singapore acting on behalf of Rio Tinto.

Follow the link to read more of the article “Rio Tinto and Cargill behind landmark blockchain iron ore shipment”, written by Sam Chambers, Editor of Maritime Asia Magazine.

 

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