World's largest gold miner makes first sale using blockchain

World's largest gold miner makes first sale using blockchain

By Shadow Crypto | Lbry ambassadors | 30 Jun 2020


World's largest gold miner makes first sale using blockchain

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BHP, the world's largest gold miner, carried out its first blockchain ore transaction, Reuters reported on Monday, June 29.

The amount was approximately US $ 14 million (R $ 75 million), carried out with the Chinese metal giant Baoshan Iron & Steel Co. (Baosteel). The transaction was carried out on a platform created by Canadian startup MineHub Technologies. She processed the terms of the contract, exchanged documents online and provided visibility and accountability throughout the supply chain.


The transaction is important as the mining sector is very dependent on paper-based systems. Thus, the use of blockchain reveals a need for BHP and Baosteel to switch to digital media. This increases the efficiency and transparency of the process.

“The commodities sector needs a digital revolution to reduce physical documentation processes,” according to Michiel Hovers, director of sales and marketing at BHP.

Union between blockchain and gold
Baosteel is the Chinese state arm of Baowu Steel Group Co. Ltd. The company has previously used blockchain technology when issuing the first yuan-denominated international letter of credit (LC) via the Contour platform in May. Contour is developed based on R3 Corda technology, a blockchain software company focused on the company.

MineHub said the BHP transaction was the first in a series involving its blockchain platform. It occurs at a time when malicious agents take advantage of supply chain vulnerabilities during the Covid-19 outbreak.

"Current pandemic events and cases of fraud in the commodity trading sector are causing a radical shift in the adoption of digital solutions," said MineHub CEO Arnoud Star Busmann.

It is not the first time that blockchain and gold have come together. Earlier this year, Turkish bank Takasbank announced the completion of a platform to transfer gold via blockchain. The system allows the issuance, refund and transfer of digitized gold.

 

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