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.
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.
