Australian iron ore miner and world's top steel producer China Baowu Steel Group have completed a cross-border trade settlement for iron ore using a blockchain platform. The transaction between BHP and Baowu Steel was worth USD 11 million and was done on the EFFITRADE cross-border trade financial services platform. Earlier in June 2020, it conducted its first blockchain trade in iron ore with Baowu unit Baoshan Iron & Steel Co Ltd using MineHub. EFFITRADE is a cross-border trade financial service platform independently developed by Ouyeel Financial Service, a subsidiary of Huabao Investment of China Baowu. EFFITRADE connects the upstream with its downstream enterprises, carriers, customs ports, financial institutions, and other participants in the cross-border trading chain and uses cutting-edge digital technologies such as big data and blockchain to realize real-time transmission of digital documents, logistics handling data, customs clearance information, etc. EFFITRADE platform has greatly improved the level of digital interaction between the parties involved in cross-border trade and financial settlement. With its established connection system to many well-known cross-border trading companies and financial institutions at home and abroad, EFFITRADE is doing business across China, Hong Kong, Brazil, Australia, Singapore and many other regions in the world.