Blockchain News

BHP Completes $14 Million Iron Ore Trade Using Blockchain

BHP Group, a large mining company, on Sunday disclosed that it has completed a $14 million iron ore trade. It further mentioned that the trade was completed  using a blockchain platform developed by the Canada-based technology company MineHub Technologies.

The company carried out its transaction with China Baowu Steel Group, which is the subsidiary of largest steelmaker of China Baoshan Iron & Steel, better known as Baosteel.

Last month BHP said it was planning to execute a blockchain-based iron ore trade with Baosteel. It is understood that the company has used the blockchain platform to digitally process contract terms, exchange documents, and provide real-time cargo visibility, according to a report from Reuters.

The blockchain implementation comes as a part of its plan to digitize the documentation process in commodities trading. 

“The bulk commodity industry needs a digital revolution to reduce physical documentation processes,”  BHP sales and marketing officer Michiel Hovers said.

Innovation with blockchain 

According to Cointelegraph, Ethereum co-founder Vitalik Buterin revealed 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, the report further added.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.