Satoshi and Balasore enter into collaboration to test blockchain for mining firms

Balasore Alloys is one of the leading ferrochrome producer from India with a capacity of around 160,000 MT and annual revenues of more than $150 Million. It is one of the very few ferrochrome companies having its own chrome ore mines.

Satoshi Systems Limited and Primarche Technologies Private Limited with Balasore Alloys Limited have pioneered the first blockchain solution in commodity trade and trade finance for ferrochrome transactions. The platform allows the major process steps in a ferrochrome transaction to be digitized on the blockchain, ensuring ease of business, improved transparency, enhanced security, and optimized efficiency. By having the buyer, seller and their respective financiers all on the same platform, the parties can simultaneously view and share data on the status of a transaction, from the time a new trade is confirmed and validated, to when the commodity is inspected, to its final delivery and fulfilment of the credit terms.