IBM and MineHub Technologies have recently announced a partnership in an effort to bring new solutions to global mining and metals supply chain. The two companies will utilize blockchain technology to improve logistics, financing, operational efficiencies, and reduce cost for mineral supply chain from the mine to end buyer.
The global mining and metal market have been estimated to be worth $1.8 trillion. The market has been known for suffering several insufficiencies due to manual and paper-based processes. The supply chain also suffering issues from the lack of transparency.
Founder and CEO of MineHub, Vince Sorace says,
“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. This creates the opportunity for transformative efficiencies and cost reductions throughout all aspects of operations.”
He further explains that this solution would be a major advancement for the industry as it works to use and integrate data in all sorts of new ways. The first case of the blockchain solution being used will be during the management for Goldcorp’s Penasquito Mine right through its path to market. This solution will be developed on the MineHub Platform.
The mining company plans to upload data, which include ethical practices and sustainability, to the blockchain, which will then be verified independently by regulators and end users.