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Tata Steel nails blockchain deal with UAE tube maker

ABSTRACT

Taking a big step towards shifting to digital trade transactions, steel major Tata Steel Ltd. has executed a blockchain-enabled, paperless trade transaction of export of steel to Universal Tube & Plastic Industries, UAE.
The initiative, executed in collaboration with HSBC bank, demonstrates the steel-maker’s“continued efforts to lead technology-led disruptions by challenging the status quo and reimagining the global trade set-up,”the company said in a statement. “The Letter of Credit (LC) was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer) with

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