Wheaton Precious Metals (WPM) To Use Blockchain For Mining Accounting via Blockhead STAMP

Mining.com has recently reported that Wheaton Precious Metals (WPM) will be using blockchain to enhance its mining accounting process. They have already hired a software company, Blockhead Technologies, that creates blockchain solutions for mining operations around the world.

Silver Wheaton was established in 2004. In Q1 2017 Silver Wheaton reported attributable production totaling 6.5 million ounces of silver and 84,900 ounces of gold, equal to 12.5 million silver equivalent ounces. The Company reported net earnings for the quarter of $61 million or $0.14 per share. Their largest business is silver streaming.

Silver streaming is the term often used when a company makes an agreement with a mining company to purchase all or part of their silver production at a low, fixed, predetermined price to which both parties agree. The silver is usually a by-product of the mineral the mining company's business is based on.

Blockhead technology will be developing a product for WPM as part of the streamlining of its metal accounting processes. The company’s flagship platform, STAMP is more than just a tracking platform. If a business has underutilized or latent data, STAMP is the fastest and easiest way to make that data work for you. That means supply chains, fuel tracking, streaming or any other industry that utilizes large volumes of data.

It allows the customers to access all their data in one place, presented simply and accessible through a dashboard and reporting system. The platform is blockchain-enabled, which means that they can choose whether or not you want to access the benefits of blockchain implementation. It is a cloud-based Platform-as-a-Service (PaaS) solution, so they take care of all software integration for their customers.

Earlier this year BitcoinExchangeGuide reported a story about IBM and MineHub announcing that they are co-operating to use blockchain technology and help improve operational efficiency in the mining industry. 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.