BHP Billiton and Minmetals began trying to use blockchain technology to complete the first copper concentrate transactions in August, the industry's first single copper concentrate blockchain trading pilot. The pilot aims to apply blockchain technology to a wide range of post-trading processes, including contract terms implementation, payment notices, digital file exchange, grade test results exchange and carbon emissions data sharing.
The pilot project is also the first mineral product transaction in China's domestic non-ferrous metals industry using blockchain technology. The trial order will be shipped in August and the transaction will be carried out on MineHub, the digital trading platform of blockchain.
Relying on the pilot transaction launched this month, the two sides will strive to improve the efficiency and safety of the settlement process, and significantly improve the transparency of the quality and use value of copper concentrates by realizing the digital transformation of the grade determination exchange process.
He Mukai (Michiel Hovers), president of global sales and marketing of BHP Billiton, said that this cooperation with Minmetals will help both sides create opportunities, unleash the potential of digital transformation of non-ferrous metals trading, lead the post-transaction process towards digitization, and promote non-ferrous metals trading towards a safer, smarter and customer-focused direction.
Xu Jiqing, general manager of Minmetals Nonferrous Metals Co., Ltd., said: "while developing our business, we attach great importance to energy conservation and emission reduction, and accelerate the integration of informatization, digitization and industrialization. We are very pleased to work with BHP Billiton to launch the first transaction in China's domestic non-ferrous metals industry to use blockchain technology. We look forward to long-term cooperation with BHP Billiton, a world-class partner, to embrace cutting-edge technology, carry out the positive practice of digital transformation of the industry, and lead the future development trend of the trade industry. "
"by working with innovative partners such as Minmetals Nonferrous, we can use digital technology to replace costly paper processes, greatly improve the efficiency of post-transaction processes, and release dividends from new technologies. Bring greater opportunities for the business development of both sides. The digital revolution in the commodity industry is imperative, and reducing the flow of paper documents will benefit the industry as a whole in the future, "he said.
"under the influence of the current epidemic, it is difficult for shipping agents and banks to ensure that documents such as shipping documents are delivered to customers and their banks in a timely manner when offices are closed or downsized, thus highlighting the risk of commodity trade relying on paper documents. The pilot is an important step towards the end-to-end full-link digital transformation of post-transaction processes and is expected to improve the security, transparency and efficiency of the entire value chain, "he added.
At present, the settlement process of copper concentrate is the most complex in international commodity trading. MineHub platform is committed to the use of digital technology to transform costly paper processes into fast and convenient electronic interactions, providing participants with an efficient, secure and transparent trading network. The cooperation also aims to explore the use of block chain technology of the MineHub platform to report information and data related to sustainable development, so as to achieve transparency and traceability of supply chain emission reduction. At the same time, the two sides will work together to promote the deployment of efficient post-transaction process solutions to create a better experience for customers.
BHP has made remarkable achievements in the integration of paperless trading and blockchain technology. To this end, BHP Billiton was named as one of the Forbes Block chain Top 50 companies in 2021.
