MineHub is a company that uses technologies including blockchain to develop cost-effective applications for the mining and metal industry. The newly announced mining supply chain platform will be built on the IBM Blockchain Platform based on the platform provided by the Linux Foundation's Hyperledger Fabric.
The solution addresses the inefficiencies of the global metal and mining market - estimated at US $ 1.8 trillion. These include excessive paperwork, manual data processing and lack of transparency between supply chain partners. It will also be designed to improve logistics and finance, as well as reduce costs.
It will increase the degree of automation, reduce dependence on intermediaries, and speed up the transfer of goods from miners to final buyers.
The development of the platform will also be supported by companies such as gold producer Goldcorp Inc., ING Bank, mining company Kutcho Copper Corp, trading company Ocean Partners USA Inc., and the streaming company of precious metal Wheaton Precious Metal Corp, representing a corporation formed by MineHub.
The first reported use case will be built on the MineHub platform, centralized management from Goldcorp's Penasquito Mine located in Mexico on its way through the market. Once the ore is mined, the mining company will upload relevant data, including sustainability and field experiments.
In September, Hong Kong-based jewelry retailer Chow Tai Fook reported putting some of its diamonds on a distributed leger developed by blockchain startup Everledger and given secure by IBM Blockchain platform. This report will allow retailers' customers to determine the origin and authenticity of the gems sold in their T Mark branded stores.