BHP completes first blockchain iron ore trade with China’s Baosteel – ZAWYA

BHP completes first blockchain iron ore trade with China’s Baosteel – ZAWYA

BHP completes first blockchain iron ore trade with China's Baosteel | ZAWYA MENA Edition HomeMarketsArticleBHP completes first blockchain iron ore trade with China's Baosteel Transaction worth around $14mln    A BHP Billiton sign is visible behind a pile of iron ore at the company's loading facility in Port Hedland, Australia, May 30, 2008. LONDON- BHP Group has completed its first blockchain trade in iron ore with China Baoshan Iron & Steel Co Ltd , in a transaction worth around $14 million.BHP and technology firm MineHub said in separate statements on Monday that blockchain - a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin - would boost efficiency and transparency. They did not say whether BHP has used blockchain before for other uses.For the past several years, commodities groups have been seeking to save money by using blockchain to digitise a sector that still uses millions of paper documents, but have come up against obstacles.BHP and technology firm MineHub said in separate statements on Monday that blockchain - a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin - would boost efficiency and transparency. They did not say whether BHP has used blockchain before