IBM, International Business Machines Corporation –an American multinational information technology company headquartered in Armonk, New York, in a recent press release statement, on Wednesday, Jan. 16th 2019, announced its partnership with MineHub Technologies, a technology company developing cost-saving applications for the mining and metals industry, to improve operational efficiency, financing, & logistics and reduce costs in the metals & mining supply chains, by leveraging the blockchain technology.
By working together, the two companies in collaboration will build a mining supply chain management platform on IBM’s cloud-based Blockchain Platform with end-to-end capabilities –offering users a quick and easy way to activate and successfully develop, operate, govern and secure their business networks. The IBM Blockchain Platform is powered by the Linux Foundation’s Hyperledger Fabric blockchain framework.
The collaborative approach to developing the solution is the result of a need to tackle inefficiencies that the $1.8 trillion global mining and metals industry face. These inefficiencies include manual data processing, excessive paperwork, and lack of transparency between supply chain parties.
According to Vince Sorace, Founder, and CEO of MineHub, the company is extremely delighted to be working together with the best forward thinkers and innovators in the mining and metals industry. Supply chain digitization ensures increased automation, reduced intermediary reliance, and increased goods transfer rate from miners to end buyers.