One of the world’s largest mining companies, BHP Group, says it has completed a USD 14 million blockchain-powered iron ore transaction with China’s Baosteel – one of the largest steelmaking firms on the planet.
The move follows on from last month’s trade between the two companies that saw BHP conduct its first-ever yuan iron sale to Baosteel.
Baosteel is part of the China Baowu Steel Group, while BHP is based in Melbourne, Australia.
A number of Chinese companies have been keen to move commodities and resources trading onto more efficient, faster blockchain-powered platforms, while Beijing is keen for them to pursue United States dollar-free transactions.
Per Reuters and JRJ, the blockchain-powered BHP-Boasteel deal took place earlier this month, and made use of a platform developed by Canada’s MineHub Technologies.
Reuters quotes MineHub Chief Executive Arnoud Star Busmann as stating,
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