IBM and Minehub Technologies have collaborated in a bid to use distributed ledger technology (DLT) to improve operational and cost efficiencies in the mineral concentrates supply chain, according to a press release on January 16, 2019.
Mining Supply Chain Gets an Update
As stated in the press release, significant players in the mining industry, including Goldcorp Inc., Kutcho Copper Corp., and others are working with Minehub to develop the new mining supply chain solution on top of IBM’s blockchain network.
The new development will reportedly aid the $1.8 trillion mining industry to achieve its hidden potentials. Over the years, the sector has suffered significant drawbacks due to multifaceted issues like the lack of transparency between supply chain participants and the inadequacies of paper-based processes.
The adoption of blockchain technology will help to address the numerous inadequacies impeding the growth of the industry by providing a shared ledger to create a single, real-time view of transactions and data across the supply chain that can be viewed by all authorized participants.
Each company would play a pivotal role in the process as they represent key areas of the process from streaming, trade, mining, and finance.
Commenting on the development, the founder and CEO of MineHub, Vince Sorace, expressed optimism over the new alliance, adding that he firmly believes that the successful integration of DLT into the mining and metals industry would significantly improve the existing operations. Sorace said:
“By digitizing the supply chain, there would be a drastic increase in the level of automation, reduce reliance on third-parties, costs and hasten the speed at which goods are transferred from miners to end users. This is a significant advancement for an industry looking to integrate and use data in ways not previously possible.”
Powered By Hyperledger Fabric, IBM Fostering DLT Adoption
To kick-start, the new venture, the first use case will be built on the MineHub platform and will manage Goldcorp’s Penasquito Mine in Mexico throughout the path to market.
To meet the basic requirement of the market regulators, when ore is mined, the mining company will upload data which must uphold sustainability practices to maintain transparency and accountability.
The Minehub supply chain blockchain solution is built on the IBM distributed ledger, which is powered by the Linux Foundation’s Hyperledger Fabric.
Despite the emergent nature of blockchain technology, IBM remains one of the heavyweights dedicated to making mainstream DLT adoption a reality, and it appears the tech giant is making steady progress in its quest.
As reported by BTCManager on January 16, 2019, IBM joined forces with Ford, LG Chem, and Huayou Cobalt to launch a blockchain-powered Cobalt supply monitoring project.