IBM, a major technology company, has partnered with MineHub Technologies to develop a blockchain solution to improve supply chain management in the mining and metals industries. IBM announced the initiative in a press release on January 16.
MineHub is a company that uses technologies such as blockchain to develop cost-saving applications for the metals and mining industry. The newly announced mining supply chain platform is being developed on the cloud-based IBM Blockchain platform based on the Linux Foundation's Hyperledger Fabric.
The solution targets the inefficiencies of the global mining and metals market, which is estimated at $ 1.8 trillion. These include excessive correspondence, manual data processing and lack of transparency between those involved in the supply chain. It should also serve to improve logistics and financing and reduce costs.
The companies intend to digitize the supply chain by creating a shared between the parties ledger, which provides an aggregated real-time view of the transactions and data along the supply chain and is only accessible to authorized participants.
According to the press release, this will increase the level of automation, reduce reliance on intermediaries and increase the speed of transfer of goods from miners to end-users.
The platform is also being developed by companies such as gold producer Goldcorp Inc., ING Bank, mineral exploration company Kutcho Copper Corp., trading company Ocean Partners USA Inc. and precious metal streaming company Wheaton Precious Metals Corp. supported by a consortium founded by MineHub.
The first application is to be implemented on the MineHub platform, which manages the Goldcorp Penasquito Mine concentrate in Mexico on its way through the market. When ore is mined, the mining company uploads relevant data, including sustainability and ethical practices.
Cointelegraph today announced that IBM will use its Blockchain platform to oversee Cobalt shipments from the Democratic Republic of the Congo in collaboration with automotive manufacturer Ford, South Korean cathode manufacturer LG Chem and Chinese company Huayou Cobalt.
In September, Hong Kong-based jewellery retailer Chow Tai Fook reportedly registered some of its diamonds on a distributed leger developed by blockchain start-up Everledger and backed by the IBM Blockchain platform. This will reportedly allow the retailer's customers to identify the source and authenticity of the gems sold in its T-mark branded stores.