Blockchain Apps and the Mineral Supply Chain Could Help Verify Origins of Resources

Mining companies are constantly working to determine the source of their minerals and to ensure a quality extraction process. Under the 2010 Dodd-Frank Act, mining companies based in the United States must source minerals in a responsible manner. Further, the minerals could not be used to enrich those involved in armed conflicts.

The European Union has adopted similar laws several years ago. Under their measures, companies based in the European Union must report the source of minerals such as gold, tungsten, tin, and titanium. These requirements work to mitigate the use of minerals to finance warfare.

The effects of these laws are still being determined – as in whether they are actually working to mitigate conflict and funding from the sale of such minerals. In terms of compliance though, companies are turning to one resource that may provide a great deal of help: blockchain. The technology may be able to ensure that companies are truly sustainably sourcing the minerals.

MineSpider is just one company that is leading the way. The company, founded in 2017, is applying blockchain technology to help companies determine exactly where their minerals were sourced.

According to founder Nathan Williams,

“There’s a lot of thoughts on how to keep sensitive data private. The problem with private blockchain, if brands what to have their own private blockchain, a miner would have five different systems to use.”

Concerning privacy, the company developed a layered blockchain system with Ethereum as the underlying technology. Developers can develop apps and create programs o the blockchain.

As Williams explains, his platform is similar to an onion – that is, it has many layers. He stated

“We have two layers – a data layer and an Ethereum layer. Ethereum is the blockchain immutable layer, and on that, we are storing a ton of material, how much in shipments and the grade. Then there is a link to a packet of data. One layer of data is data you want everyone to see. Another layer is private data that needs to be registered as unchangeable, which is only available to customers. The third layer is key – we encrypt the first two layers, and then asymmetrically encrypt that with the key of your customer.”

Regulators can receive encrypted access to the data and thus, they’ll be able to review the data. As for the company, this type of method protects the security of and the data on the blockchain.

The company is currently planning on launching its first pilot and it is also negotiating with a number of sizable companies. MineSpider is not the only such company out there either. This is competition from Circulor, based in the United Kingdom. Another one is Peer Ledger in Nova Scotia.

Bitcoin Price News Week in Review: All the Top BTC Predictions in One Summary

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the...

Bitcoin Flash Crashes to $8,600 with BitMEX Shenanigans at Play Again

Bitcoin doing bitcoin things! Today, Bitcoin had yet another moment like March 12, although the price didn’t crash that low. Yesterday, Bitcoin jumped as high as...

AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development

AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain...

Binance Korea to Improve KYC/AML Framework With Coinfirm's Compliance Solution

Binance South Korea unveiled a unique partnership with Blockchain analytics firm, Coinfirm that will help Binance remain compliant with the strict AML framework...

2nd Largest BTC Mining Pool, Poolin, Collabs With BlockFi, To Boost Crypto Lending Service

Poolin and BlockFi have formed a partnership as the latter aims to extend loans to the mining pool. Bitcoin (BTC) and mining equipment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today