BHP and China Minmetals have used MineHub Technologies’ platform in the first cross-border copper concentrate trial shipment processed on blockchain technology.

Arnoud Star Busmann, MineHub Technologies chief executive officer, said the two companies used the platform “for secure and transparent inter-company and cross-border data sharing, including multiple new use cases like emissions data sharing and a metals assay exchange process.”

At present, the settlement process of copper concentrates is lengthy and complex, suffers from high processing costs, complex pricing mechanisms and vulnerability to errors and fraud. However, MineHub said its platform is the solution as it enables operations teams to collaborate with each other as well as their banks, service and logistics providers on the basis of shared, real-time data. Data privacy, integrity and control are secured by enterprise blockchain technology.

MineHub said that BHP and China Minmetals have agreed to continue working together to promote the development and deployment of efficient post-transaction process solutions, create a better customer experience, and achieve transparency and tracking of carbon emissions reduction.

Last year, BHP and China Baowu completed the first iron ore transactions on the MineHub platform. 

Source: MineHub Technologies

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