UAE and Indian Companies Enter Blockchain Steel Deal

Blockchain has already impacted countless sectors, from finance to supply chain, gaming, gambling, real estate, and more. I dare say that it is only a matter of time before the whole world runs on blockchain, even if it takes another decade, or even longer for it to happen.

Recent Blockchain Developments

At the rate at which blockchain has been infiltrating every industry imaginable, we likely won’t have to wait that long. My point is further proven by the fact that the UAE firm recently entered a steel deal with a company from India, and this will be the first-ever steel deal involving blockchain technology.

In case you haven’t heard of it — UAE’s Dubai-based Universal Tubes Plastic Industries Ltd. recently entered a deal with Tata Steel, a massive metals giant from India. In short, the deal will see Universal Tubes import its order of flat carbon steel to the country from Tata Steel’s base. The deal was struck on the blockchain, and it was overseen by HSBC Bank.

Furthermore, it was confirmed that blockchain is a superior solution to conventional exchanges of paper-based documentation, which I read as stone (or, in this case, block) beats paper. I guess we have been playing Rock Paper Scissors wrong all these years.

The Blockchain Deal

In any case, the deal was made via the Contour blockchain platform, which was chosen because the overseer, HSBC, is one of its founding shareholders. The bank’s Regional Head of Global Trade Receivables Finance, Sunil Veetil, said that the bank feels confident about the move and that it hopes to see it pave the way for more widespread adoption by other clients, industries, counterparties, and others. In fact, some of them have already entered the talks which may lead to similar moves later down the road.

Do you hope to see the world run on blockchain completely someday?

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