Hastings Technology Metals announces it has embarked on the development of a supply chain platform using blockchain technology.
The Hastings Blockchain-enabled supply chain platform uses blockchain technology to trace and track mixed rare earth carbonate produced from its Yangibana mine to its customers. The transparent tracking provides confidence to consumers as to the quality and viability of mixed rare earth carbonate from the Yangibana mine which meets ethical, environmental and responsible standards of production. The platform will now enable users to certify the source of origin of Hastings mixed rare earth carbonate.
Charles Lew, Hastings Executive Chairman, said “The Hastings Blockchain-enabled Supply Chain Platform is a decentralised supply chain management system. It is a game changer for current supply chain relationships. Using RFID tagging technology and IOT for digital smart contracts, this innovative Hastings platform will in future form the basis of providing numerous advantages to mining companies, commodities traders, manufacturers and consumers in compliance with ISO 26000 and meets the demands of ethical mining, environmental awareness and source of origin of the raw material. This technology will provide Hastings with significant commercial and financial opportunities as we move forward to bring the Yangibana mine into production”.
Blockchain is a software innovation for establishing a consensus between users over a decentralized network by recording transactions on a digital ledger. This enables transactions to take place throughout a network, without the need for a central intermediary to track, verify and approve the digital exchange of value.
Functioning like a ledger, the blockchain creates a tamper-proof, indelible record of transactions, enabling it to work in a trust-less environment. Additionally, the system can be made fully transparent, for example, the list of transactions is visible to everyone on a public domain.