Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Multi-billion-dollar mining group BHP announced it has completed a $14 million iron ore trade using a blockchain platform.
The world’s largest mining company BHP Group announced today that it completed a $14 million iron ore trade using a 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, commonly known as Baosteel.
BHP made the announcement regarding the trade last month saying it was planning to execute a blockchain-based iron ore trade with Baosteel.
During the trade, BHP used the blockchain platform to digitally process contract terms, exchange documents, and provide real-time cargo visibility, according to a report from Reuters. The implementation of blockchain by BHP purportedly 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.”
BHP and Baowu’s innovation with blockchain
Baowu has long been invested 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 to Cointelegraph that the $92 billion firm was building a decentralized application to track natural resources.
In February 2019, the mining giant also successfully tested blockchain tech in partnership with a Japanese shipping company NYK.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.