Diversified mining giant BHP Group Ltd. entered into a commercial agreement with Canadian blockchain platform Minehub Technologies Inc.

Under the agreement, BHP Group will subscribe to Minehub's platform and enterprise applications as a customer, Minehub said in a July 5 news release.

In December 2021, BHP Group used Minehub's platform to complete its first cross-border copper concentrate trial shipment processed on blockchain technology, in a deal with China Minmetals Corp. BHP Group and China Baowu Steel Group Corp. Ltd. also used blockchain technology to complete a cross-border trade settlement for iron ore worth $11 million.

In October 2021, BHP Group used blockchain technology to complete its first carbon-neutral transaction covering copper deliveries from its Chilean mines to Southwire Co.'s processing activities in Georgia.

BHP Group previously said testing blockchain technology is part of its efforts to boost security and efficiency in commodity transactions.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.