BHP Group, a globally prominent mining company, will be utilizing blockchain technology in the near future, according to a report from Reuters.
This Tuesday, the company sold iron ore to China Baoshan Iron & Steel Co Ltd, the report notes. Now, it plans to utilize blockchain to streamline any future transfers like that.
The amount of ore sold was close to $14.1 million in worth, it will take multiple trips to ship over. This is where the blockchain’s intersection with supply chain use cases can help.
Blockchain technology is ideal for companies looking to ship tons of product, such as BHP Group. After all, the technology’s decentralization and autonomy make it so products can be tracked easier, and incentivize supply chain workers along the way.
Say that the Iron is stopping at a city in between the two destinations. The supply chain worker can simply scan the items in, report on their quality, and the blockchain network would take all of that into account. From there, it would pay the worker via a smart contract and those overseeing the network can check in on everything.
The decentralized distributed ledger also ensures a complete history of all products put through the chain.
As InsideBitcoins has previously reported on, even companies like BMW and Tesla are looking into blockchain technology for supply chain use.