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BHP Group Completes First Blockchain-based Iron Ore Trade with China’s Baosteel

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According to a report by Reuters on 29 June, the BHP Group completed its first blockchain-based iron ore trade with China Baoshan Iron & Steel Co Ltd in a deal worth around $14 million. The transaction was carried out through a blockchain platform created by a Canadian-based technology company called MineHub.

Per the two separate statements by both MineHub and BHP Group, using blockchain technology, the spine that structures digital currencies like BTC and ETH would strengthen efficiency and transparency. However, the statements did not indicate whether the BHP Group had used blockchain technology in the past.

Blockchain-based iron ore trade scales down paperwork

The trade in iron ore involved a transaction linked to iron ore, a commodity that the firm regularly trades.  The MineHub blockchain platform was used to digitally process trading terms, exchange documents, and provide updates on real-time cargo transport.

Notably, the use of blockchain technology by BHP Group is part of the firm’s plan to digitize its commodities trading sector. According to BHP Group’s sales and marketing officer Michiel Hovers, blockchain technology will help scale down the burden of manual paper documentation processing.

Blockchain technology to enhance efficiency

In the past couple of years, commodities firms have been seeking blockchain solutions to save money. The commodities sector is known for its over-reliance on paperwork and large-scale documentation, which brings up other complications. According to Hovers:

“The bulk commodity industry needs a digital revolution to reduce physical documentation processes.” 

The blockchain-based iron ore trade was the first of a string of transactions on the MinerHub Technologies Platform; involving outside partners. According to MinerHub Technologies chief executive Arnoud Star Busmann:

“Current pandemic events and fraud cases in the commodity trading industry are causing a step-change; in the adoption of digital solutions.”

Furthermore, the Canadian blockchain firm outlined that it was creating a blockchain-based system; for base metal concentrates, structured finance, and emissions tracking.

WEF’s Blockchain Toolkit Helping UAE,Saudi Supplychain Issues Amid COVID-19

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Recently the World Economic Forum( WEF) released a robust Blockchain Deployment toolkit to guide organizations and businesses in developing and deploying a new blockchain solution.

The World Economic Forum, based in Cologny-Geneva, Switzerland, is an NGO that was founded in 1971 and is committed to improving the state of the world by involving business, academic, political and other social leaders to shape regional, global and industrial agendas.

The launching of the toolkit reflects a response to the economic turmoil generated by the COVID-19 virus spread. The pandemic has caused a crisis in the global supply chain and world shipping lines that have never been before seen. Organizations are moving rapidly to implement emerging technologies during the COVID-19 crisis, which has highlighted the need for both speed and clarity of implementation.

Abu Dhabi Digital Authority( ADDA), the Dubai Future Foundation and Saudi Aramco have recently launched Blockchain toolkit in collaboration with WEF to tackle the challenges posed by COVID 19 supply chain failures.

Dr Abdulla Al Kendi, Executive Director at ADDA for Technologies and Policies Sector, said the Blockchain toolkit helped his organization to move forward quickly on their implementation strategy.

“The toolkit provided a lot of objectivity when attempting to design a consortium. We were able to put our judgements and decisions aside to design the consortium,” he said in a press release.

Saudi Aramco, the world’s largest oil company, used the WEF toolkit to assist in the completion of two critical applications for supplier management and credential verification.

Khalfan Belhoul, CEO of Dubai Future Foundation, said: “Through the UAE Centre for the Fourth Industrial Revolution (C4IR UAE) we develop solutions to our current and future challenges and COVID-19 has shown us that there is a real and urgent need to accelerate the implementation of these technologies. The C4IR UAE has contributed to the World Economic Forum Blockchain for Supply Chain Toolkit.”

IBM launches ‘Rapid Supplier Connect,’ a Blockchain Solution to Fight COVID-19 Critical Goods Supply Chain Shortages

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IBM recently announced the launch of IBM Rapid Supplier Connect, a blockchain-based network designed to support healthcare organizations and government agencies to quickly identify and bring on board non-traditional suppliers who have volunteered to address the shortage of equipment, medical supplies needed for COVID-19 relief efforts.

The network is also designed to help speed up the screening and on-boarding process for new vendors, plus it can monitor surplus inventory and help decide where it should best be used. Rapid Supplier Connect is accessible to qualified buyers and suppliers in the United States and Canada at no cost until August 31, 2020.

Suppliers, buyers, hospitals, and many others are joining the network at the present. Northwell Health New York’s largest healthcare provider, responsible for more than 800 hospitals in New York State, has joined the Rapid Supplier Connect blockchain network. And the Worldwide Supply Chain Federation has also joined the network, bringing in over 200 American suppliers from its 3,000 members of the global community.

Phyllis McCready, VP, and chief procurement officer at Northwell Health said

“Northwell Health has had adequate supplies to protect patients and our staff during the increase in New York COVID-19 patient cases,”  He added, “It is through creating our own GPOs and supply chain, and joining forces with non-traditional suppliers that we have maintained an adequate stockpile of PPE and other equipment and supplies, so we are pleased to join IBM Rapid Supplier Connect.”

As the COVID-19 threat spreads, a true insight into a complex and uncertain supply chain is never easy with challenges from the present situation. IBM Rapid Supplier Connect is developed in conjunction with Trust Your Supplier Blockchain-based Identity Platform designed by Chainyard, IBM’s own Supply Chain, and Sterling Inventory Visibility Services. Project N95, Dun & Bradstreet, RapidRatings, KYC SiteScan, and Thomson Reuters will also support the platform with other functionalities.

Last month, together with other leading players such as Amazon, Google, and Microsoft, IBM launched the “Covid-19 High-Performance Computing Consortium” to pool an ‘unprecedented’ amount of computing power to ‘help researchers better understand Covid-19, its treatments, and potential cures everywhere.’

Covid-19, Supply Chain and The Blockchain

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Countries keep fighting the COVID 19 as it infects more than 1.5 million people worldwide. How long is this COVID-19 crisis going to last? It’s hard to put together reliable data to predict when it’s going to end.

The death toll of coronavirus continues to increase dramatically in many countries and has impacted the community’s economy and everyday life. Coronavirus struck industries hardest like the grocery, transportation, hospitality and supply chain. Organizations around the world are facing significant changes to their supply chains with the advent of COVID-19.

The pandemic has clearly exposed vulnerabilities in supply chains. Organizations internationally displayed varying degrees of sensitivity. This exposed a breakdown in the connection needed to track, locate, authenticate, finance and clear medical goods, materials, etc. across trade channels, in a secure, verifiable and efficient manner.

Let us think of the supply chain as a network of supplies. Groups of manufacturing facilities are connected along the way by transport routes with many storage locations. Because of social distance requirements, manufacturers that rely on labor-intensive processes that allow people to work closely together were disrupted.

Like transportation networks, if truck drivers get sick, they run the risk of disruption. It is hard to predict precisely where disturbances are most likely to be felt however different supply chains have been disrupted and badly affected.

Blockchain and how it can help supply chain?

Although blockchain‘s most popular usage is in the cryptocurrency, the fact is that blockchain — essentially a digital transaction ledger that is duplicated and distributed across the blockchain’s entire network of computers.

Each block in the chain includes a number of transactions, and each time a new transaction takes place on the blockchain, a record of this transaction is added to the ledger of each participant. Because each transaction is spread over several nodes as multiple copies of the ledger, this is highly transparent.

Blockchain provides certain things which are necessary for reliability and integrity in a supply chain. .More documents can’t be deleted in the blockchain which is an additional benefit. Since blockchain allows the transfer of funds anywhere in the world, it is very convenient for a globalized supply chain.

Because of the difficulty and lack of transparency of our existing supply chains, blockchains could transform the supply chain and the logistics sector.

Blockchain definitely has the ability to increase the efficiency and transparency of supply chains and has a positive impact on everything from warehousing to distribution through until payment.

Covid-19 and The Blockchain

The World Economic Forum (WEF) published a report on 6 April highlighting how digitization and blockchain can help survive supply chain disruptions, particularly in crises like covid-19. Amid disturbances in the supply chain caused by coronavirus, several experts echoed the need for greater visibility across the chain. In my opinion, blockchain is the best solution for visibility.

Blockchain networks could theoretically help push products faster in the present covid-19 crisis, as alternative suppliers could be found faster. With greater understanding of vendors and products stocks during a disruption, many customers might recognize where suppliers send products to new sources and redirect shipments where they are most necessary

Decentralized goods focused on blockchains may be a solution for several business transformations. To push the company to the next level, we collaborate with industry experts, influencers and designed platforms.COVID-19 has brought to light many organisational weaknesses and obsolete business flows. The current slowdown provides an opportunity for a potential reset button for many organisations.