Metals Exchange Create Blockchain Group To Modernize The Minerals Industry
It looks like Swiss companies are diving in the blockchain world lately. Our most recent example is an exchange platform for metal concentrates that is forming a new consortium that will be used to streamline supply chains in the industry by using the blockchain technology.
The name of the company that is spearheading the project for the consortium is Open Mineral, a startup that was recently created by former employees of Glencore, a major mining company that offers commodity trading and mining as well. They had already worked with the Ethereum startup ConsenSys, so this team is not new to blockchain technology.
At the moment, the official names of the company that decided to be a part of the new consortium were still not publicized by the organizing company. According to reports, the project will have many companies that are either specialized in mining minerals or in logistics, ranging from mining to shipping, storage and trading the goods.
These companies will all use the blockchain technology and participate as nodes in the consortium. This way, the project, if successful, will be able to get rid of the huge amount of paperwork that these companies have. This can effectively streamline the whole process and allow the parties that make up the consortium to have a simpler process.
By using the technology, mining products will be able to be traced by using its unique ID data which will have their point of origin and allow compliance with local laws.
About Open Mineral
This startup company was originally founded in 2017 and its main goal is to eliminate the middlemen between mining firms and smelters. This way, the company is able to reduce the costs associated with trading mineral concentrates and raise the profit of the companies while the prices can be lowered for the clients at the same time.
Open Mineral has just secured an investment of $2.5 million USD in April during a funding round that was created to gather investments to create blockchain solutions. This funding round was specifically linked with the creation of the new consortium.