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Leading technology company IBM has partnered with MineHub Technologies to provide a blockchain solution that will improve supply chain management in the mining and metals industries. IBM announced the initiative in a press release issued Jan. 16.
MineHub is a company that uses technologies, including blockchain, to develop applications that can save money in the metals and mining sectors. The recently announced mining supply chain platform will be built on the cloud-based IBM Blockchain platform, powered by the Linux Foundation's Hyperledger framework.
The solution targets inefficiencies in the global mining and metals market estimated at $ 1.8 trillion. These include excessive paperwork, manual data processing and lack of transparency between parts of the supply chain. It would also be designed to improve logistics and financing, as well as reduce costs.
Companies are considering digitizing the supply chain via the creation of a shared registry between the parties, which will provide an aggregated and real-time view of transactions and data flowing through the supply chain. , and will only be open to authorized participants.
This will "increase the level of automation, reduce reliance on intermediaries and accelerate the transfer of goods from minors to final buyers," the statement said.
The development of the platform will also be supported by companies such as gold producer Goldcorp Inc., ING Bank, mining exploration company Kutcho Copper Corp., trading company Ocean Partners USA Inc. and Wheaton Precious Metals Corp., a precious metals continuous trading company, representing a consortium formed by MineHub.
The first use case would have been built on the MineHub platform, managing the concentrate of Goldcorp's Penasquito mine located in Mexico as it crossed the market. Once the ore is extracted, the mining company will upload relevant data, including sustainable development and ethics practices.
Earlier in the day, Cointelegraph announced that IBM would use its IBM Blockchain platform to monitor cobalt supplies in the Democratic Republic of Congo, in collaboration with automaker Ford, the South-East cathode producer. Korean LG Chem and Chinese Huayou Cobalt.
In September, Hong Kong-based jewelry retailer Chow Tai Fook reportedly put discs of some of its diamonds on a distributed collector developed by the blockchain start-up Everledger and secured by the IBM Blockchain platform. This should allow the retailer's customers to ascertain the origin and authenticity of the gemstones sold in its T Mark stores.
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