Tata Steel executes blockchain trade with Bangladesh

Posted on 25 November 2021

Tata Steel has executed a blockchain-enabled paperless export deal with a Bangladesh-based buyer on 24 November. This marks the first paperless trade that happened between both nations, Kallanish notes.

The transaction with Bangladesh was facilitated by Standard Chartered, conducted on the latter’s blockchain trade platform, which enables banks and other trade partners across the globe to trade with each other.

In April, Tata Steel sold a cargo to United Arab Emirates in a blockchain-enabled paperless transaction. The deal was supported by HSBC Bank to complete a trade finance transaction with a UAE-based company.

“Tata Steel has made pioneering efforts this year to digitally transform its trade practices that are sustainable, efficient, and also save time,” says Tata Steel vice president for flat products Rajeev Singhal. “We are glad and more confident now that we have executed the first multi-bank blockchain-enabled trade. The technology along with the pivoting efforts of Tata Steel provides efficiency and agility in enabling a better customer interface.”

“The Covid-19 pandemic has highlighted that technology will lead the way of doing business in future. And experimentation using blockchain for better customer experience is one such step towards enabling this transformation,” Singhal concludes.

Source : Kallanish