BHP Group and China Baowu completed their iron ore transaction worth $14mn on MineHub, a digital transaction system, on June 28.
MineHub said this was the first in a series of deals involving industry partners. The company ultimately plans to provide commodity supply chains with a digital end-to-end fulfilment process.
The firm connects buyers, sellers and service providers in mining and metals supply chains by sharing information on a common, but decentralized, blockchain platform using a distributed ledger platform, making it virtually impossible to change information or hack the system. Each block in the chain contains a number of transactions, and with each new one comes a record in each participant’s ledger.
MineHub said work is underway to serve markets like base metal concentrates, structured finance, and emissions tracking.