Taking a big step towards shifting to digital trade transactions, steel major Tata Steel Ltd. has executed a blockchain-enabled, paperless trade transaction of export of steel to Universal Tube & Plastic Industries, UAE.
The initiative, executed in collaboration with HSBC bank, demonstrates the steel-maker’s “continued efforts to lead technology-led disruptions by challenging the status quo and reimagining the global trade set-up,” the company said in a statement.
“The Letter of Credit (LC) was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer) with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter),” the company’s statement further informed. The paperless trade transaction was done by a collaboration pivoted by Tata Steel across the spectrum over the Contour and ess DOCS platforms.
A fast-emerging alternative to conventional exchanges for paper-based documentation, blockchain has been the preferred choice of several global mines and metals companies. It syncs with Tata Steel’s overall objective of fast-tracking digital solutions in the steel industry.
A geographically diverse steel company, Tata Steel’s global steel-making capacity is around 33 mn t.
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