BHP has completed its first iron ore transaction on MineHub Technologies’ digital blockchain-based platform with China Baowu.
The platform digitalises mining supply chains, with the BHP transaction marking the first of a series with MineHub’s industry partners to test the next iteration.
MineHub’s platform aims to provide a digital end-to-end fulfilment process for commodity supply chains.
“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,” MineHub chief executive officer Arnold Star Busmann said.
“This series of transactions, each focussing on different aspects of the post-trade process, will allow MineHub to incrementally expand the platform’s functionality and scalability into the iron ore and other mineral commodity markets, incorporating real-life user experience.”
MineHub’s decentralised digital platform virtually integrates mining buyers, sellers and service providers from mining supply chains, which is set to improve communication channels.
Its blockchain technology allows each party to control their data for improve privacy. MineHub is also working with industry partners to create digital solutions for the industry.
“We will incorporate these learnings into the next MineHub release, planned for fourth quarter 2020, and which will start to provide a solution to the increasingly urgent need for industry-wide digitalisation, by boosting both safety, transparency and resilience of critical supply chains,” Busmann said.
“Especially as current pandemic events and fraud cases in the commodity trading industry are causing a step-change in the adoption of digital solutions.”