ING Bank, Goldcorp Inc., Ocean Partners USA Inc., Kutcho Copper Corp, and Wheaton Precious Metals Corp are supporting MineHub, the mining technology company. These companies are working together to develop a new mining supply chain platform. This platform appears on top of the IBM Blockchain.
This partnership will improve logistics and financing, operational efficiencies, and minimize the costs regarding a high-value mineral supporting supply chain right from miner to buyer end. According to the Founder and CEO at MineHub, Vince Sorace:
The $1.8 trillion global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants.
He believes that blockchain tech offers a shared ledger which develops a real-time, single view of transactions. Also, develops the information over supply chain visible to all authenticating participants. Moreover, every participating firm depicts their key areas to supply chain from streaming, mining, trade till finance. He also adds:
We are delighted to be working with some of the most forward-thinking and innovative companies in 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.
Moreover, this will open an opportunity for transformative effectiveness and cost consumption considering every operational aspect. This seems a significant advancement through industrial perspective seeking integration.
The report says that the initial use case will develop on the MineHub platform. Then only it will tackle to focus from Penasquito mine of Goldcorp in Mexico. While mining ore, the particular company needs to upload data regarding ethical and sustainability practices.
Moreover, this will ensure independent verification direct from regulators to the end users. As soon as the materials get a load for transport, the platform MineHub will track every single transaction.
They can now even let authenticate parties view and reconcile date via this procedure. The companies like Wheaton Precious Metals can use smart contracts for supply chain procedure including:
- Trade finance
- Royalty contracts
Then these organizations can offer credit facilities like ING Bank with regards to Penasquito mine. On the other hand, the Global Head of Metals and Mining working at ING, Arnout van Heukelem comments:
As a global leader in banking in the metals and mining sector [….] Blockchain has the potential to reduce or even overcome these, as shown by our pioneering work in energy with VAKT, in trade finance with Komgo and Voltron, and in the soft commodity sector.
Arnout van Heukelem seems excited to work with MineHub, supporting the clients to lower the metals and mining costs. Also improves the transparency and back with sustainable production and trading. The supply chain platform at MineHub develops on the cloud IBM Blockchain Platform which is backed by the Hyperledger Fabric by Linux Foundation.
The company has further plans to explore this partnership with other members over the mining industry. Basically, this will promote innovation and new applications that are using the technology. Moreover, the General Manager at IBM Global Industrial Products, Manish Chawla mentions:
Blockchain technology can serve as the foundation for transforming entire business processes in the mining industry while creating greater transparency across the supply chain […..] MineHub is building a platform that has the potential to bring new levels of efficiency and trust to the mining industry.
MineHub together with IBM is sketching out new ways to expand their platform. Hence, considering new use cases, and implementing innovative technologies into the platform in the coming future.