MineHub Technologies announced that BHP (ASX, LON: BHP) and China Baowu have completed their first iron ore trade on MineHub\u2019s blockchain-based platform. <\/p>\n
The platform is a decentralized digital system with underlying blockchain technology that connects buyers, sellers and service providers in mining and metals supply chains through shared information. The application allows the parties in a mineral transaction to virtually integrate their trade operations processes like contracting, logistics, specifications and financing services.<\/p>\n MineHub said that the BHP-China Baowu deal is the first of a series of transactions with various industry partners<\/p>\n<\/blockquote>\n<\/figure>\n In a press release, MineHub said that the BHP-China Baowu deal is the first of a series of transactions with various industry partners, as the company is working towards providing commodity supply chains with a fully digital end-to-end fulfillment process.<\/p>\n \u201cWorking with the world\u2019s largest mining company and the world\u2019s largest steel producer on designing the digital future of critical supply chains like iron ore is incredibly exciting,\u201d Arnoud Star Busmann, CEO of MineHub, said in the media statement. \u201cThis series of transactions, each focusing on different aspects of the post-trade process, will allow MineHub to incrementally expand the platform\u2019s functionality and scalability into the iron ore and other mineral commodity markets, incorporating real-life user experience.\u201d<\/p>\n According to Star Busmann, the tech company he leads from Vancouver is also developing and validating digital solutions in complementary settings and in collaboration with companies that work with base metals concentrates, structured finance and emissions tracking to further prove the value that can be created through digitalization. <\/p>\n \u201cWe will incorporate these learnings into the next MineHub release, planned for Q4 2020, and which will start to provide a solution to the increasingly urgent need for industry-wide digitalization, by boosting both safety, transparency and resilience of critical supply chains,\u201d the executive said. \u201cEspecially as current pandemic events and fraud cases in the commodity trading industry are causing a step-change in the adoption of digital solutions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The world’s largest miner and the Chinese steel giant completed their first iron ore trade on MineHub’s blockchain-based 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