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World’s Biggest Mining Firm Makes First Ore Trade on a Blockchain


Mining conglomerate BHP has completed its first trial trade of iron ore using blockchain technology. As reported by Reuters on Monday, the roughly $14 million deal with Chinese metals giant Baoshan Iron & Steel Co Ltd. (Baosteel) was conducted on a platform created by Canada-based startup MineHub Technologies. The MineHub platform was used to process contract terms, exchange documents online and provide visibility and accountability along the supply chain. The transaction took place in June. BHP Group is an Anglo-Australian mining, metals and petroleum multinational based in Melbourne, Australia, and is the biggest mining firm worldwide by market capitalization. Given the mining industry’s dependence on paper-based legacy systems, the trial blockchain trade comes as BHP and Baosteel see a need for a shift to digital, the companies said. Read More...



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