MineHub Technologies has announced that BHP Group and China Baowu have completed their first iron ore trade on MineHub’s blockchain-based platform.
This is the first of a series of transactions with various industry partners, guiding the next evolution of functionality on the MineHub platform that will ultimately provide commodity supply chains with a fully digital end-to-end fulfillment process.
It also reflects MineHub’s development approach – hands-on collaboration and continuous validation with industry – to ensure that the platform delivers on the value and user experience expectations.
Arnoud Star Busmann, CEO of MineHub said, “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.
“This series of transactions, each focusing 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 is also developing and validating digital solutions in complementary settings and in collaboration with other industry partners. Innovative work is underway for instance in base metals concentrates, structured finance and emissions tracking to further prove the value that can be created through digitalisation.
Arnoud Star Busmann continues: “We will incorporate these learnings into the next MineHub release, planned for Q4 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.
“Especially as current pandemic events and fraud cases in the commodity trading industry are causing a step-change in the adoption of digital solutions.”
MineHub connects buyers, sellers and service providers in mining & metals supply chains through shared information, on a common but decentralized digital platform. The technology helps the parties in a mineral transaction to virtually integrate their trade operations processes like contracting, logistics, specifications and financing services.
This streamlines communication channels and also provides the transaction participants with security and certainty via a reliable, real-time single source of truth.
The underlying blockchain technology ensures that each party can control the privacy, integrity and geographical residence of their data, whilst allowing trading and financing partners to use or verify the integrity of shared information.