blockchain.jpg

Technology companies IBM and MineHub Technologies announced collaboration in development of the global blockchain solutions for the mining and metallurgical industry.

As noted in the press release, the industry volume of $1.8 trillion traditionally suffers from the ineffectiveness of management based on paper document management, and the lack of transparency in the supply chain. Therefore, the partners intend to submit a solution through the use of blockchain technology will increase the efficiency of logistics and funding, as well as reduce costs in the supply chain of valuable mineral concentrates from the mine to the final buyer.

In the implementation of the blockchain-the project will involve Goldcorp, ING Bank, Kutcho Copper, Ocean Partners USA and Wheaton Precious Metals. All participants in the supply chain will be able in a distributed registry to get a single view of transactions and data in real time. Each of the participating companies represents the key areas of the supply chain: raw material extraction, streaming, trade, and Finance.

The decision will be based on IBM’s cloud platform, the Blockchain based on Hyperledger Fabric Linux Foundation.

The first application of the platform MineHub will be managing the supply of concentrate from gold mine company Goldcorp in Mexico all the way to the market. Starting with the extraction of raw materials, the platform will record each transaction. Such supply chain processes as trade Finance, royalties, contracts to stream (Wheaton Precious Metals) or credit facility (ING Bank), will be implemented with the help of smart contracts.

“Blockchain technology can serve as a basis for transformation of business processes in the mining industry, while ensuring greater transparency in the supply chain. Bringing together stakeholders at various points of the supply chain in the mining, MineHub creates a platform that can bring a new level of efficiency and confidence in the industry,” said General Manager, IBM Global Industrial Products Industry Manish Chawla (Manish Chawla).

Arnaut van Hekelen (Arnout van Heukelem), global Director of ING Bank on metallurgy and mining, believes that the blockchain will help to solve many operational problems customers of the Bank. This is already the experience of ING Bank participate in the same consortia in the energy sector (VAKT) and trade Finance (Komgo and Voltron), said the Bank Manager.

Earlier, IBM announced the project on track in the blockchain of the supply of so-called conflict minerals from Africa.

Source