Iron Ore Miner Vale Uses Blockchain Platform to Exchange Docs

Iron Ore Miner Vale Uses Blockchain Platform to Exchange Docs
September 10, 2020


The cryptocurrency market remains range bound with slight bullish bias. After 3-4 days of price correction, the market has turned green. Bitcoin (BTC) continues to move in a tight range of 10,200-10,500. At the time of writing this article, Bitcoin (BTC) has gained 2.7% to trade at $10,375.62. Ether (ETH) has gained 8.6% to trade at $367.61. XRP has gained 3.5% to trade at $0.2444. Major altcoins which have recorded gains in the past 24 hours include OKB (OKB-$5.45, 3.4%), LEO (LEO-$1.21, 0.2%), Dash (DASH-$77.32, 2.8%), Monero (XMR-$85.83, 2.7%), Litecoin (LTC-$49.32, 4.0%), Bitcoin SV (BSV-$172.63, 1.5%), Bitcoin Cash (BCH-$229.72, 3.3%), Tezos (XTZ-2.64 5.9%), EOS (EOS-$2.82, 2.7%), Huobi (HT-$4.82, 4.2%), Cardano (ADA-$0.0959, 5.3%), Polkadot (DOT-$4.85, 13.6%), ChainLink (LINK-$12.70, 8%), Cosmos (ATOM, $5.53, 9.1%), Binance Coin (BNB-$24.69, 5.2%), Stellar (XLM-$0.0799, 3.6%) and IOTA (IOTA-$0.2924, 5.6%). The only altcoin which has lost value in the past 24 hours is Tron (TRX-$0.0348, -2%).


Private sector initiatives

Vale completes initial iron ore sale using blockchain

Renowned mining enterprise Vale and its associates have finished their initial iron ore sale using a blockchain platform. Vale completed 176,000 tons of iron ore shipment to Nanjing Iron & Steel, involving ports in Malaysia and China.

Vale and its associates utilized the blockchain platform Contour to receive a letter of credit. Shipping documents and an electronic bill of lading, which provides a detailed description of goods shipped, were processed via essDoC’s CargoDocs solution.

The company stated that it guaranteed end-to-end security in the dealing, with real-time tracking of documents by participants. Vale underlined that utilizing blockchain considerably minimized emails and paperwork to be exchanged by parties.

“It is an important milestone towards the digitalization of the sales and trade process, bringing innovation to the traditional paper-intensive trade transactions and offering a better service to the clients as well as predictability in the steel value chain.”  


Mahindra intends to develop blockchain solutions on Amazon Managed Blockchain

India’s software enterprise Mahindra, intends to develop and install a series of blockchain solutions on Amazon Managed Blockchain in the forthcoming 12 to 18 months. The tech behemoth has partnered with Amazon Web Services and other institutions to build blockchain solutions for its clients across the globe.

Specifically, Tech Mahindra, the sister concern of Indian multinational company, Mahindra Group, will create blockchain solutions for the telecom, aviation, and healthcare industry, in addition to the creation of blockchain-powered systems for its banking and financial services.

The main aim is to improve the supply chain in the aforesaid industries in order to “facilitate business continuity” even in hard times, such as the global pandemic. The company intends to utilize blockchain technology to assist the aviation sector track “kits” at all points in the delivery chain. Likewise, the healthcare sector will be able to utilize Tech Mahindra’s blockchain solution to identify fake drugs, including PPEs (Personal Protective Equipments), sanitizers, and facemasks.


LedgerX launches physically settled BTC futures contracts

The US CFTC (Commodity Futures Trading Commission) regulated futures exchange LedgerX has launched physically settled Bitcoin (BTC) futures contracts. With this facility, investors will be able to receive delivery of Bitcoin. Many analysts believe that it could have a considerable impact on the price of Bitcoin because the contract affects the supply and demand scenario. In the case of cash-settled futures contracts, Bitcoin is not exchanged in reality. So, there will be no impact on the supply/demand scenario of Bitcoin.

When traders open a long-position in Bitcoin through the futures exchange of LedgerX, delivery of Bitcoin is possible. The transparent order book provided by the exchange enables institutions to assess the market conditions in a detailed manner.

LedgerX detailed as follows: “Investors can trade out of their position or hold to maturity and, if long, take delivery of BTC. All orders are executed on our central limit order book, with full price transparency on market depth. Negotiated block trades are also printed on the central limit order book.”



Bitcoin’s value erodes with approximately $2,000

In the last few days, Bitcoin’s value eroded by roughly $2,000. However, the network’s hash rate still remains at an all-time high, above the 150 TH/s mark for the first time in Bitcoin’s history. Hash rate is the main measure to assess the robustness of the Bitcoin (BTC) network. It reflects the quantum of worldwide hash power devoted to mining the numero uno cryptocurrency and can also be understood as the quantum of energy that safeguards the network from a possible 51% attack.

As miners play an important role in the Bitcoin ecosystem, their sustained allocation of computing power (irrespective of price volatility) is perceived as a positive signal for the crypto. Even though enterprise-level mining involves medium to long-term planning, making the set up unaffected by short-term price volatility. The prevailing global economic uncertainty could be another reason for companies to set aside additional computing power for Bitcoin mining.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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