World’s Largest Steelmaker Completes First Iron Ore Transaction Using Blockchain
Blockchain technology being used more and more each day in day-to-day operations, we will be seeing this more and more as time passes until it is so common no one blinks an eye
World’s Largest Steelmaker Reportedly Completes First Iron Ore Transaction Using Blockchain
“The giant mining firm, BHP Billiton, has reportedly completed its first yuan-denominated transaction of iron ore utilizing blockchain technology. The company sold materials worth over $14 million to China Baoshan Iron & Steel Co LTD (Baosteel) – the listed arm of the world’s biggest steelmaker China Baowu Steel Group (Baowu).
…Another DLT-based transaction between large organizations took place in April, as CryptoPotato reported. The American Cargill Incorporated and the Singaporean international trading company, Agrocorp, executed a trade for $12 million worth of wheat using the dltledgers blockchain platform.
By utilizing DLT, both entities managed to settle the deal in five days. It marked a substantial improvement than the traditional trading processes, which could take up to a month.”