Minmetals, BHP Complete First Mineral Product Transaction of Domestic Non-Ferrous Metal Industry Using Blockchain Technology

SHANGHAI, Aug 24 (SMM) – In August 2021, Minmetals International Trust and BHP has completed electric delivery of a copper concentrate transaction using blockchain technology. The transaction, with an amount of around $30 million, made delivery in August, and is the first domestic transaction of mineral products using blockchain technology.

As a traditional trade, copper concentrate transaction per se has problems such as lengthy links, high costs, high risk of default and difficulty in ensuring information security. In the past, data exchange between the parties of trade execution mainly relied on e-mail or paper transmission between enterprises. The whole process business involved many government departments, banks and commercial institutions, and produced a large number of commercial papers.

In June 2020, BHP Billiton and China Baowu Group completed the first iron ore transaction trial order, which achieved full digitisation based on blockchain technology.