World’s largest mining company BHP Group announced that it has completed a $14 million iron ore trade using blockchain platform developed by the Canada-based technology company MineHub Technologies.
The transaction was carried out between BHP and China Baowu Steel Group, a subsidiary of the world’s largest steelmaker China Baoshan Iron & Steel.
On June 19. Reuters reported that during the trade, BHP used the blockchain platform to digitally process contract terms, exchange documents, and provide real-time cargo visibility.
The implementation of blockchain by BHP comes as a part of its plan to digitize the documentation process in commodities trading.
BHP sales and marketing officer Michiel Hovers said:
“The bulk commodity industry needs a digital revolution to reduce physical documentation processes.”
Baowu has also been investing in digitizing trade using blockchain technology.
In May, the company concluded a blockchain-based yuan-denominated purchase with another top mining group Rio Tinto.
BHP’s involvement in the blockchain sphere dates back to 2017, when Ethereum co-founder Vitalik Buterin revealed that the $92 billion firm was building a decentralized application to track natural resources.
In February 2019, BHP also successfully tested blockchain tech in partnership with a Japanese shipping company NYK.
Source: Cointelegraph | Image: Unsplash
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.