Major BHP has completed its first iron-ore trade with steel producer China Baowu on Canadian startup MineHub Technologies’ blockchain-based platform.
The transaction was estimated to be worth some $14-million.
MineHub connects buyers, sellers and service providers in mining and metals supply chains through shared information, on a common but decentralised digital platform. The technology helps the parties in a mineral transaction to virtually integrate their trade operations processes like contracting, logistics, specifications and financing services.
“Working with the world’s largest mining company and the world’s largest steel producer on designing the digital future of critical supply chains like iron-ore is incredibly exciting,” said MineHub CEO Arnoud Star Busmann.