Australian mining giant BHP has reportedly said it is to explore the use of blockchain for the sale of iron ore.
Chinese firm Baosteel is the expected buyer, with the deal to be taking place “soon”.
As with all things blockchain related, the threat is that any explanation will devolve into hype and buzzwords, so it is helpful to have a clear definition of what blockchain involves. Essentially a distributed list or ledger, the blockchain contains chronological records of transactions signed cryptographically, shared between all participants in a network.
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