MineHub Technologies (MineHub) and IBM will collaborate to use blockchain technology in order to improve operational efficiencies, logistics and financing and reduce costs in the mineral concentrates supply chain.
Specifically, Goldcorp, ING Bank, Kutcho Copper, Ocean Partners USA and Wheaton Precious Metals Corp. will cooperate with MineHub to create a mining supply chain solution on top of the IBM Blockchain Platform.
The mining and metals market has suffered from inefficiencies because of manual, paper-based processes and a lack of transparency between supply chain participants.
Blockchain technology will help deal with this 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.
Speaking about this project, Vince Sorace, Founder and CEO of MineHub, noted:
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. This is a significant advancement for an industry looking to integrate and use data in ways not previously possible
The first case will be established on the MineHub platform and will manage concentrate from Goldcorp’s Penasquito Mine in Mexico during its path to market.
When ore is mined, the mining company will upload data, such as sustainability and ethical practices, enabling independent verification from regulators to end users as required.
Finally, 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.