| Customers: BHP (before BHP Billiton) Product: Projects based on blockchain technology Project date: 2020/05
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On May 12, 2020 it became known that in April, 2020 BHP Group concluded the first bargain with use of technology of a blockchain — having sold iron ore of the Chinese company Baoshan Iron & Steel (Baosteel). Under the terms of the contract, the transaction was nominated in the Chinese currency. The amount was 100 million yuans (about $14.1 million).
It is remarkable that since the beginning of 2020 for the Chinese Baosteel it is already the third transaction based on a blockchain: before the company purchased ore at the Brazilian Vale and the Australian-British concern Rio Tinto. Both transactions also were is nominated in yuans. The amounts of transactions were 330 million and 100 million yuans respectively.
BHP said that are going to continue to conclude bargains based on a blockchain. The company did not specify what platform they used. In 2016 the company announced intention to use the Ethereum blockchain platform for optimization of supply chains.
It is also known that the transaction between Baosteel and Rio Tinto was concluded on the Contour platform. It digitizes monetary obligations of the payer, eliminating need for preparation of large volume of paper documents. Usually documents are delivered by the courier separately from a load that increases time of the conclusion of the transaction and also creates risks of loss of documents and fraud. Contour allows the parties to exchange contractual and accompanying documents quickly and safely.
China is the largest consumer of iron ore in the world. In 2019 more than 1 billion tons of raw materials were imported into the country. Such volume allows the country to influence the market value of material, helping the local companies to buy it at more beneficial price. In April, 2020 demand for ore in China grew by 11% owing to an economic recovery.[1]
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Notes
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