MineHub Technologies, Inc., developer of a new-gen of cost-saving applications for the mining and metals industry, partnered with IBM to utilize Blockchain technology to advance operational efficiencies, logistics, and financing and lessen the costs in the high-value mineral-focused supply chain from mine to end buyer. Among companies including Goldcorp Inc., Kutcho Copper Corp., ING Bank, Ocean Partners USA Inc., and Wheaton Precious Metals Corp., are working with MineHub Technologies to develop new mining supply chain solution on top of the IBM Blockchain Platform.
According to the reports, the USD 1.8 trillion global mining and metals market has conventionally suffered from inefficiencies due to manual, paper-based methods and a lack of clarity between supply chain partners. Blockchain technology assists address this by offering a shared ledger to produce a single, real-time view of transactions and data across the supply chain that can be seen by all authorized participants. Founder and CEO of MineHub, Vince Sorace said that his company is elated to be working with some of the most forward-thinking and innovative groups from each area of the mining and metals industry. MineHub can improve the level of automation, lessen dependency on intermediaries and augment the pace at which goods are transformed from miners to end buyers by digitizing the supply chain. This generates an opportunity for transformative capabilities and cost cuts throughout all aspects of operations.
Powered by the Linux Foundation’s Hyperledger Fabric, the MineHub supply chain platform is developed on the Cloud-based IBM Blockchain Platform. Further, it plans to increase the alliance to additional members across the mining industry to push innovation and new applications utilizing the technology.