China's NISCO reaches agreement on blockchain trading iron ore with Rio Tinto's JV
China's Nanjing Iron and Steel Co., Ltd. (NISCO) signed a purchasing contract on blockchain-backed trading iron ore with a joint venture of Rio Tinto. The total amount of this contract will be US$16.87 million.
Blockchain is a way to do business by digital bill and involve the cryptocurrency technology, which will improve the efficiency and transparency of trade.
NISCO spokesman said they are considering promoting this way in more contracts.
