Blockchain Supply Chain Solution For Mining And Metals Industry Planned By MineHub
Tech company MineHub is collaborating with tech giant IBM to deliver a global mining and metals supply chain solution using blockchain technology.
Based in Vancouver, MineHub is leveraging innovative technologies, including blockchain, to develop a new generation of cost-saving applications for the mining and metals industry. The MineHub platform will focus on supply chain and asset management to give its users secure, traceable and streamlined asset tracking from the mine site onward, with the goals of significant cost reductions and creating visibility and accountability where there is currently a major lack of transparency.
To build the MineHub platform, the company established a consortium of leading industry partners, including Goldcorp Inc., Kutcho Copper Corp., ING Bank, Ocean Partners USA Inc. and Wheaton Precious Metals Corp. The platform will be created on the cloud-based IBM Blockchain Platform, powered by the Linux Foundation’s Hyperledger Fabric. In the future, MineHub will be adding additional members across the mining industry to encourage innovation and new applications using the technology.
“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,” said Vince Sorace, Founder and CEO of MineHub. “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 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. MineHub said that it will continue to collaborate with IBM to scale and expand the platform, identify new use cases, and incorporate innovative technologies into the platform in the future.
“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.”
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