MineHub Technologies, Inc. and IBM announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain — from mine to end buyer. The $1.8 trillion* global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this problem.
Goldcorp Inc., ING Bank, Kutcho Copper Corp., Ocean Partners USA Inc. and Wheaton Precious Metals Corp. are all working with mining technology company MineHub to build the new mining supply chain solution on top of the IBM Blockchain Platform. MineHub is an innovative technology company developing a new generation of cost saving applications for the mining and metals industry.
By providing a shared ledger to create a single, real time view of transactions and data across the supply chain that can be seen by all permissioned participants, transparency is conceived in a way that was not possible before. Each of the participating companies represent key areas of the supply chain from mining, streaming, trade and finance.
“We are delighted to be working with some of the most forward thinking and innovative companies from each area of the mining and metals industry. 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,” said Vince Sorace, Founder and CEO of MineHub. “This is a significant advancement for an industry looking to integrate and use data in ways not previously possible”.
The first use case will be built on the MineHub platform and will manage concentrate from Goldcorp’s Penasquito Mine in Mexico throughout its path to market. When ore is mined, the mining company will upload data, including sustainability and ethical practices, allowing independent verification from regulators to end users as required. When materials are loaded for transport, the MineHub platform can record each transaction and allow permissioned parties to view and reconcile information throughout its journey. Smart contracts for supply chain processes such as trade finance, streaming and royalty contracts will be used by companies such as Wheaton Precious Metals and other institutions who provide credit facilities such as ING bank.
Arnout van Heukelem, Global Head of Metals and Mining at ING said, “As a global leader in banking in the metals and mining sector, we feel many of the operational challenges that our clients face. Blockchain has the potential to reduce or even overcome these, as shown by our pioneering work in energy with VAKT, in trade finance with Komgo and Voltron, and in the soft commodity sector. I am excited to be working together with MineHub and help our clients in metals and mining lower costs, increase transparency and contribute to sustainable production and trading.”
The MineHub supply chain platform is built on the cloud-based IBM Blockchain Platform, powered by the Linux Foundation’s Hyperledger Fabric. MineHub plans to expand the collaboration to additional members across the mining industry to encourage innovation and new applications using the technology.
“Blockchain technology can serve as the foundation for transforming entire business processes in the mining industry while creating greater transparency across the supply chain,” said Manish Chawla, general manager, Global Industrial Products, IBM. “By bringing together stakeholders at different points across the mining and minerals supply chain, MineHub is building a platform that has the potential to bring new levels of efficiency and trust to the mining industry.”
MineHub and IBM plan to work together to collaborate on new ways to scale and expand the platform, identify new use cases, and incorporate innovative technologies into the platform in the future.
- Blockchain in healthcare market is Expected to Reach $890.5 Million by 2023 due to Increasing Number of Partnerships and Collaborations - February 12, 2019
- Coinify Introduces myCoinify, a B2C service For Individual Traders - February 12, 2019
- Yosemite X has Announced the First Open Source Public Blockchain that Operates without a Native Cryptocurrency - February 8, 2019
- Global Investment Advisory Company says much more Stable STO might merge with, or Entirely Replace IPO - February 8, 2019
- The Chamber of Digital Commerce and Blockchain Association of Canada Join for a Stronger and more Coordinated Blockchain Ecosystem - February 6, 2019
- US Merchants can now Accept Crypytocurrency Payments from their Customers, With Fee Free Cryptocurrency Point of Sale Payment Ecosystem - February 6, 2019
- Former Last.fm’s founder shakes up user privacy access with new Slant on blockchain technology - January 31, 2019
- New Report by BlockchainDefender Links Lack of Trust in Cryptocurrency Industry to Dwindling Coin Prices - January 31, 2019
- VX Network introduces a new Crypto Based, Monopoly-Style Board Game called Crypto Marble - January 30, 2019
- China Ranked first in World of Blockchain and AI Patents Being Filed – USA Runner-up - January 24, 2019
- Block.one Releases EOSIO 1.6.0, Transaction Processing Speeds Could Increase up to 35% - January 24, 2019
- First Cannabis Validation Testing Program Reaches Markets to Create Much Needed Transparency - January 23, 2019
- Eurasian Resources Group is Piloting Blockchain Based Solution on the IBM Blockchain Platform - January 21, 2019
- Coinstar to Give Consumers a Convenient and Easy Way to Buy Bitcoin at Coinstar®Kiosks - January 18, 2019
- Tech Firm IBM and MineHub Join to Build Blockchain-Based Platform for More Efficient Metals & Mining Supply Chain Solution - January 17, 2019
- Former Director of Mobile for TripAdvisor and Viator Joins KeyoCoin Team to Help Build Intuitive Mobile Booking Platform - January 10, 2019
- Project PAI Blockchain Protocol and Blockfolio Signal Beta, Create Platform for AI-Powered 3D Avatars - December 17, 2018
- Nigerian Start-up Announces Revolutionary Global Decentralized Health Platform With A Distributed Blockchain - December 15, 2018
- CEO of Panxora Warns: ‘Draconian’ Regulatory Measures Could Risk Losing Control of Crypto in US - December 13, 2018
- Lancor Scientific Links Use of a Digital Token to Global Blockchain-based Cancer Screening Registry - December 13, 2018