MineHub to Build High-value Mineral Concentrates Supply Chain Solution on IBM’s Blockchain Platform

MineHub to Build High-value Mineral Concentrates Supply Chain Solution on IBM’s Blockchain Platform

blockchain technology

Based on a recent report, MineHub Technologies, Inc. (“MineHub”) and IBM today announced a collaboration geared towards the used of blockchain technology to help manage and improve the existing methods use in the conducting logistics, financing of high-value mineral concentrates supply chain.

MineHub Partners With Several Other Institutions

MineHub along with some other stakeholders such as: Goldcorp Inc. (TSX: G), ING Bank (NYSE: ING), Kutcho Copper Corp. (TSXV: KC), Ocean Partners USA Inc. and Wheaton Precious Metals Corp. (TSX: WPM) will be working together with IBM to build a comprehensive high-value mineral concentrates supply chain. The new platform will be built on IBM’s blockchain platform.

The New Blockchain Platform

According to a recent press release addressing the development, blockchain technology will be used to address problems centred on inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. On the new platform, a shared ledger which will present a single, real-time view of transactions and data across the supply chain that can be seen by all permissioned participants will be made available.

Vince Sorace, Founder and CEO of MineHub has also made some statement as regards the collaboration. Sorace stated that:
“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 an 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.”

First Use Case Will be on MineHub’s Platform

Managing concentrate from Goldcorp’s Penasquito Mine in Mexico throughout its path to market will be the first use case of the platform, once built. Once available for use on the MineHub platform, data of ores mined from Goldcorp’s Penasquito mines will be uploaded. This data will also highlight the sustainability and ethical practices employed during the mining processes.