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[Ferro-Alloys.com] Miner BHP and China Baowu Steel Group, the world's largest steel producer, have completed a first iron ore trade on MineHub, a new blockchain-based trading platform, in what promises to be a further step in the move towards the so-called financialization of iron ore.
This is the first published transaction on MineHub, a platform spokesman said June 29. The digital platform expects further transactions to occur in iron ore and other markets over the next few months. "We have been testing in several markets, and are for instance piloting with a copper mine but have not yet completed trial phase," the spokesman said.
Based on IBM blockchain technology, MineHub is working together with banks and miners including ABN-Amro, ING, Wheaton Precious Metals Corp and Capstone Mining Corp to develop its services. It aims to connect buyers, sellers and service providers in mining and metals supply chains through shared information, on a common but decentralized digital platform, allowing parties to virtually integrate trade operations processes like contracting, logistics, specifications and financing services.
The platform focuses on operational processes in the post-trade domain, using high quality data and real-time supply chain visibility, which in turn enables companies to optimize production, logistics and capital use, according to the spokesman.
MineHub may represent a "baby step" towards financialization and towards creating digital versions reflecting iron ore assets, the platform's spokesman said. "The financialization will be up to the markets, is subject to many other variables not just digital feasibility. We will focus on making it faster, better and cheaper for the buyer and seller to deliver or receive the iron ore and settle for it."
Source: steel guru
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