China’s Nanjing Iron Steel seals blockchain iron ore deal with Rio Tinto JV – ZAWYA

China’s Nanjing Iron Steel seals blockchain iron ore deal with Rio Tinto JV – ZAWYA

China's Nanjing Iron & Steel seals blockchain iron ore deal with Rio Tinto JV | ZAWYA MENA Edition HomeMarketsArticleChina's Nanjing Iron & Steel seals blockchain iron ore deal with Rio Tinto JV Nanjing Iron & Steel is also in talks with other overseas miners about further blockchain deals    A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray - RTS7VSBBEIJING - 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.Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, helps to boost efficiency and transparency.BEIJING - China's Nanjing Iron For the past several years, commodities groups have been seeking to save time