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BHP Completes Iron Ore Trade Using Blockchain

Mining News - Published on Tue, 30 Jun 2020

Image Source: BHP Blockchain Baowu Steel
The world’s largest mining company BHP Group announced that it completed USD 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. 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:

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.

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Posted By : Yogender Pancholi on Tue, 30 Jun 2020
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