Cargill and Rio Tinto in collaboration with Chinsay, Voltron, essDOCS, R3 Corda, HSBC, and BNP Paribas reduce contract issuance time by almost 98%.
Chinsay, working in collaboration with Cargill, Rio Tinto, R3 Corda, essDOCS, Voltron, HSBC and BNP Paribas, enabled the first-ever end-to-end paperless trade for iron ore, fully completed on 8th of August, which involved a bulk shipment from Australia to China. Chinsay’s Intelligent Contract Platform (ICP) is providing automation and digitalisation* of contract issuance early in the process, contributing to significant downstream operational efficiencies.
This trade is the first example of collaboration between vendors, global corporations and a bank consortium, with Chinsay’s involvement making Blockchain solutions a very real possibility. It’s the first trade to have been executed on a fully-digitalised platform such as Chinsay's ICP, automating the contract process and minimising time spent on contract issuance by approximately 98%, reducing it from 3-4 days to just 1.5 hours.
According to Colin Hayward, CEO of Chinsay, this first paperless trade is a big step for the commodity industry and an excellent example of companies collaborating to achieve an important change for the markets. It marks a significant turning point in the adoption of innovative technology and an illustration of how markets and companies can benefit from embracing new thinking and solutions.
Chinsay’s ICP captures the contract dataset, thereby greatly reducing errors, time and cost through digitalisation of critical operational data, providing users with valuable information across the organisation. The platform’s capabilities of extracting risk data and allowing companies to customise their workflows give full visibility of a company’s operations. This data set is also fundamental to integrating operational systems, processes and emerging technologies to digitalise supply chains.