BHP Billiton and Baowu complete the first blockchain iron ore transaction valued at USD 14 million

According to surging news reports, BHP Billiton (BHP), the world’s largest mining group, and China Baowu, a domestic steel central enterprise, have successfully tried to use blockchain technology to trade iron ore, the main raw material for steel production. This is the first time the two parties have cooperated in a blockchain transaction trial order, which covers the post-transaction process including contract clause execution, payment notice, digital file exchange, and real-time cargo visibility (quantity, quality, and location). This iron ore transaction was provided by Canada-based innovative technology company MineHub platform to provide technical support and services, the total transaction value is about 14 million US dollars, and delivery in June.