Mining Titan BHP to Use Blockchain for Iron Ore Sales to Top Steel Producer
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Multinational mining titan BHP Group expects to complete its first blockchain iron ore transaction with China’s Baowu Steel Group’s listed arm, Baosteel, in the near future.
BHP’s announcement on May 12, as reported by Reuters, followed a yuan-denominated sale of iron ore to Baosteel worth $14.10 million (100 million yuan) last month.
The move toward blockchain digitization of iron ore sales and the choice of renminbi settlement are both being hailed as major innovations in global trade.
Baowu, now the world’s largest steel producer, has reportedly issued its own statement on a series of recent yuan-denominated deals with BHP and two other leading iron ore suppliers, Rio Tinto and Vale, noting that:
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