Major mining corporation BHP reportedly disclosed details regarding the finalization of a $14 million iron ore trade, with the assistance from a blockchain platform, built by MineHub Technologies from Canada.
Specifically, BHP and China Baowu Steel Group – a subsidiary of international heavyweight steel manufacturer China Baoshan Iron & Steel – have reportedly teamed up to conduct the transaction.
BHP reportedly announced concerning the trading in May, revealing it is looking to finalize a blockchain-powered iron ore trade with Baosteel.
Upon the trade, BHP reportedly employed the blockchain platform for contract terms and exchange documents process digitalization, as well as offering real-time cargo visibility.
The implementation of blockchain by BHP is reportedly a step in its strategy to achieve digitization for 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 reportedly remarked.
Baowu has reportedly had a long history of putting investment in blockchain-based trade digitization. In May this year, the firm has successfully finalized a blockchain-powered yuan-denominated purchase with another high-profile mining corporation Rio Tinto