Jun 1, 2020

BHP makes plans for blockchain iron ore sales

Iron ore
Technology
William Smith
2 min
Australian mining giant BHP has reportedly said it is to explore the use of blockchain for the sale of iron ore
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...

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. Its benefits lie in its traceability, making transparent dealings along a supply chain, as well as its ability to secure the authenticity of items.

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The blockchain market has been estimated to be worth $8.68bn by the end of 2024. A survey conducted last year by Deloitte found that 83% of respondents said that their organisations could see compelling use cases for the technology, with more than half seeing blockchain as a critical priority.

Blockchain itself was identified by Gartner as a top 10 tech trend for 2020, with this news from BHP seemingly verifying their choice. BHP has recently been in the news for its ongoing efforts as the sector is hit by the coronavirus pandemic, with the firm implementing social distancing, health screening and hygiene accessibility measures.

The news comes as BHP completed a transaction of iron ore to China Baoshan Iron & Steel Co Ltd in China’s RMB currency. Worth nearly $14.1mn, the sale came after Baosteel also used RMB to pay for iron ore from Brazilian firm Vale SA in January, representing a trend for RMB to be used internationally.

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May 4, 2021

Axora launches global challenge for digital technology

Axora
Digitalisation
Sustainability
Safety
2 min
Axora, the industrial B2B digital solutions marketplace, has launched 'The Axora Cost-Saving Technology Challenge' to discover game changing innovations

Axora is launching the world’s first international competition to discover new cost-saving digital technology for industrial companies, which can produce rapid benefits within a year.

Axora

The Metals & Mining and Oil & Gas sectors have recently experienced budget cuts of 20% on average, driven by a variety of factors including the global pandemic, slump in demand and price wars. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative, digital solutions that reduce cost fast and pay for themselves, whilst achieving the same or improved productivity, health and safety and sustainability standards.

Digital Transformation

“While digital solutions can help to get work done quicker and more cost-effectively, they typically require a three-year ROI, and if there’s no flexibility in the budget, a full budget planning cycle is needed to get things moving”, said Dr. Nick Mayhew, Chief Commercial Officer, Axora.

“Yet, extra financial cost is often incurred in delaying digital projects, so customers have asked us to highlight solutions that can have an ‘in year payback’ whereby the cost spent on the solution and deployment will be more than recovered within the budget year - this accelerates the timeline and drives positive business impact, quickly.”

The Axora Cost-Saving Technology Challenge

Axora is keen to learn of any digital cost-saving innovation which: meets the 12-month payback timeframe; can be deployed in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.

“We’re passionate about supporting our industries and customers through all forms of digital transformation and the cost-saving solutions we are searching for could also provide a lifeline to many mining and metals and oil and gas companies in the current economic climate,” added Dr. Mayhew.

Improving productivity, safety and sustainability

Up to ten finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the ROI models and vet the solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies. Entries are open until May 31. Full details of the competition including terms and conditions can be found here.

To learn more about the Axora B2B digital solutions marketplace read our feature in the latest issue of Mining Global magazine.

Opex Group

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