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.
- Samsung SDS and Tech Mahindra Join to Explore Global Blockchain Market using Samsung’s Nexledger Platform - April 15, 2019
- Kudelski Security Partners with BTblock, fusing Blockchain Consulting with Technology for better Cybersecurity and Design - April 14, 2019
- Albertsons Companies is Joining Blockchain-based IBM Food Trust Network to Pilot Technology to Increase food Transparency - April 11, 2019
- Opera Announces Brand New Browser for Mac, Windows and Linux with Crypto Wallet, Web 3 Explorer and a free VPN - April 9, 2019
- Blockchain Platform Insolar Accepted into BiTA, Advancing its Mission of Furthering Blockchain Adoption - April 9, 2019
- Blockchain Technology Expected to Grow 66.4% in next 5 Years According to MRFR Research Findings - April 8, 2019
- Japanese Trading Platform Liquid Achieves Unicorn Status through Investments from IDG Capital and Bitmain Technologies - April 8, 2019
- 105 Organizations Announce Commitment to New Blockchain Association INATBA Created by the European Union - April 6, 2019
- Start Up Energy Transition (SET) names Blockchain Company Insolar amongst Top 100 Tech Innovators - April 4, 2019
- Bitwise Asset Management report Claims 95% of Bitcoin Trading Volumes are Fake, Overstating True Size of the Market - March 30, 2019
- Flipside Crypto’s Release of the FCAS25 Mechanism Shows Health of Crypto Industry has been on the Rise through 2018/19. - March 29, 2019
- Digix is launching DigixDao Platform, Joining Ranks of Pioneering Decentralised Autonomous Organisations in Singapore - March 28, 2019
- Quedex on Brink of Becoming World’s First Regulated Crypto-Centric Futures and Options Exchange, after in-principle Decision from GFSC - March 27, 2019
- Ugandan Orphanage able to Sustain Itself through Cryptocurrency Donations from Listeners of National Radio Show - March 26, 2019
- Blockchain-based Entertainment Platform ‘Blue Baikal’ opens Pre-Registration Event Connecting Producers, Influencers and Consumers - March 26, 2019
- French Crypto-Friendly Pacte Law Passes Second Reading in National Assembly, Senate Next - March 25, 2019
- Bamboo Capital Partners, Government of Togo and Moeda Seeds Bank Join to Launch the Bloc fund to Consolidate Social Development - March 25, 2019
- Western Union Joins Stellar Partner Thunes to Use Blockchain to Speed Up Transfers - March 25, 2019
- Dragonchain Announces Partnership with Humanitarian Organization M2030, Facilitating Donation Processes with Blockchain to Fight Malaria - March 21, 2019
- PUBLIQ Named Finalist by UK Parliamentary Group for Blockchain Application in Media Category - March 20, 2019