Blockchain technology is still revolutionizing how we do business and this time around IBM and MineHub have joined hands to work a supply chain management solution for the mining sector. Through blockchain, the firms will get rid of the challenges that come with processing papers manually. With the two firms working towards the same goal their combined efforts will ensure the success of the solution.
News of the firms working together reached the public domain through a press release from IBM. From the alliance, the two firms hope to leverage each other’s expertise and experience in their respective fields to bring transparency and accountability to the mining sector. And through a distributed ledger on blockchain, the challenges that come with paper trails will be a thing of the past. The new blockchain solutions will be based on IBM’s blockchain platform but will be powered by Linux Foundations Hyperldeger Fabric.
Benefits Brought Shared Ledger
The primary goal of the solution is to get rid of the inefficiencies such as the lack of transparency, too much paperwork brought about by processing of data manually. Moreover, the supply chain solution is set to reduce the costs significantly and improve overall financing and logistics. And through digitization access to information and in return increase data flow between the parties who have access to the ledger. Furthermore, the new blockchain solution will improve the speed at which metals will reach the market, reduce reliance on mediators and fast track the level of automation.
Deployment of the Ledger
To kick start the whole deployment process the supply chain solution will be first used on MineHub platform to process data from Goldcorp’s Penasquito Mine. The mine located in Mexico mines ores and the solution will be used to manage data such as ethical practices and sustainability from the mine to the market. Apart from Goldcorp Inc. other companies that will leverage the benefits of the solutions include Wheaton Precious Metals Corp, Ocean Partners USA Inc., Kutcho Copper Corp and ING Bank.
Besides the above companies waiting to utilize the new solutions IBM blockchain platform is already in use in the mining sector. Through working with China’s Huayou Cobalt, South Korean cathode producer LG Chem, and motor company Ford leveraging its platform to manage data from cobalt mines in the Democratic Republic of Congo. Similarly Chow Tai Fook a jewellery retailer from Hong Kong is also storing its data on a blockchain platform.