According to a Press release, MineHub Technologies, Inc. (“MineHub”) and IBM today 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 newly announced mining supply chain platform will be built on the cloud-based IBM Blockchain Platform powered by the Linux Foundation’s Hyperledger Fabric.
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 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. Each of the participating companies represent key areas of the supply chain from mining, streaming, trade and finance.