IBM Develops New Blockchain Platform To Improve Supply Chain And Mining With MineHub Technologies
IBM Develops New Blockchain Platform To Improve Supply Chain And The Mining Industry
In a recent press release, IBM and MineHub announced that they are collaborating in order to use blockchain technology and help improve operational efficiency in the mining industry. The intention is to enhance the efficiency of the supply chain by leveraging blockchain technology and its capabilities.
MineHub is also going to be working side by side with ING Bank, Goldcorp, Ocean Partners, Kutcho Copper and Wheaton Precious Metals to build new solutions on top of the IBM Blockchain Platform.
According to the official announcement, the global mining and metals market is worth $1.8 trillion. Due to the lack of transparency between the supply chain and participants the whole industry has experienced different challenges and inefficiencies.
Vince Sorace, the Founder and CEO of MineHub, commented on this issue:
“We are delighted to be working with some of the most forward thinking and innovative companies from each area of the mining and metals industry. By digitizing the supply chain, we can increase the level of automation, reduce reliance on intermediaries and increase the speed at which goods are transferred from miners to end buyers.”
Blockchain will be providing a ledger to create a map of transactions and data in real time. Supply chain participants (which will be allowed to participate) will have access to this infrastructure.
The first step will be to use the MineHub platform to manage Goldcorp’s Penasquito Mine in Mexico. As soon as the ore is mined, the company will provide data such as sustainability and ethical practices. This would allow for independent verification from regulators and end users.
As soon as the materials start to be transported, the platform will be registering each move that the ore batch will be taking. In the future, MineHub wants to expand to other markets and members across the mining industry.
IBM has also announced that it will be using the IBM Blockchain Platform to monitor supplies of cobalt from the Democratic Republic of Congo. This will be in collaboration with different companies such as Ford or LG Chem, among others.
IBM is one of the most important players in the blockchain market. It has several times engaged in different activities with other companies from all over the world. Additionally, it has partnered with Stellar in order to leverage blockchain technology and improve the crypto market with a new payment network.
De Beers has also started to use blockchain technology to track diamonds from miner to retailer. This would reduce imposters and conflict minerals.