Tata Steel has executed a blockchain enabled paperless export order with a metals major in Bangladesh. This makes it the first such deal executed between an India based company and a counterparty in Bangladesh assisted by different banks at respective ends.
This transaction was facilitated by Standard Chartered, India, and was conducted on Contour’s blockchain trade platform, which enables banks, corporates, and other trade partners across the world to transact with each other.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
