The world’s largest mining company – BHP Group announced today that it has completed $ 14 million iron ore trading. She used a blockchain platform developed by a Canadian technology company – MineHub Technologies.
Reduction of physical documentation processes
The transaction was carried out between BHP and the China Baowu Steel Group, a subsidiary of the world’s largest steel producer – China Baoshan Iron & Steel, commonly known as Baosteel.
BHP announced its plans to carry out this transaction on blockchain last month.
According to the portal reuters, BHP company used the blockchain platform to carry out the transaction, allowing for the digital processing of contract terms, document exchange and ensuring visibility of loads in real time. The implementation of the block chain by OHS is allegedly part of the plan to digitize the documentation process in trade in goods.
“The bulk trade industry needs a digital revolution to reduce physical documentation processes.”
– said OHS Sales and Marketing Director, Michiel Hovers.
Digital innovations in Health and Safety at Work and Baowu
Baowu has long invested in the digitization of trade using block chain technology. In May, the company concluded a purchase transaction in Chinese yuan, with another leading mining company – Rio Tinto. This transaction also took place using a blockchain.
OHS involvement in the blockchain industry dates back to 2017, when Ethereum co-founder Vitalik Buterin He revealed for Cointelegraph, that a $ 92 billion company is building a decentralized application for tracking natural resources.
In February 2019, the mining giant also successfully tested DLT technology in cooperation with the Japanese forwarding company NYK.
Blockchain is gaining more and more applications
Block chain technology is becoming more and more used in various industries.
We recently wrote about the BitFlyer company, which is working on a blockchain-based platform. It will allow remote meetings of shareholders. At the same time, the Polish project is developing rapidly, which in the future can serve as a platform for remote voting – iVoting is talking about.
In early June, the Central Bank of Saudi Arabia transferred funds to commercial banks using blockchain technology. An official statement published by the authorities stated that the transfer of funds was part of a central bank initiative to increase ‘the ability to continue its role in providing credit lines’.
The list of blockchain applications is constantly growing. What do you think is the best example of the functionality of distributed registry technology?