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Mining giant BHP completes the $ 14 million iron ore trade using a blockchain

June 29, 2020

The largest mining company in the world, BHP Group, announced today that has completed a $ 14 million iron ore trade with a blockchain platform developed by MineHub Technologies, a technology company based in Canada.

The transaction was carried out between BHP and the China Baowu Steel Group, a subsidiary of the world’s largest steel company, China Baoshan Iron Steel, commonly known as Baosteel.

BHP announced the trade announcement last month;; He said he was planning a blockchain-based iron ore trade with Baosteel.

Mining giant BHP completes the $ 14 million iron ore trade using a blockchainMining giant BHP completes the $ 14 million iron ore trade using a blockchain

During trading, BHP used the blockchain platform to digitally process the contract terms, exchange documents and make the freight visible in real timeAccording to a Reuters report. BHP’s implementation of the blockchain is reportedly part of its plan to digitize the documentation process in commodities trading. Michiel Hovers, BHP’s sales and marketing manager, said:

“The bulk goods industry needs a digital revolution to reduce physical documentation processes.”

BHP and Baowus innovation with blockchain

Baowu has long invested in digitizing retail using blockchain technology. In May, the company completed a blockchain technology purchase in yuan with another major mining group, Rio Tinto.

BHP’s commitment to blockchain goes back to 2017When Ethereum co-founder Vitalik Buterin told Cointelegraph that the $ 92 billion company was creating a decentralized app for tracking natural resources.

In February 2019 The mining giant also successfully tested blockchain technology in collaboration with a Japanese shipping company NYK.

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