A lump of iron ore at a mine Western Australia, in 2013. BHP Group completed its first blockchain trade in iron ore with China Baoshan Iron & Steel Co Ltd recently. — Reuters
LONDON: BHP Group has completed its first blockchain trade in iron ore with China Baoshan Iron & Steel Co Ltd, in a transaction worth around US$14mil (RM60mil).
BHP and technology firm MineHub said in separate statements on June 29 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.
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