MineHub Technologies has launched its blockchain technology platform, which has been designed to tackle inefficiencies in trading operations, as well as environmental and social governance (ESG) compliance, in mining and metals supply chains.
MineHub has been working in collaboration with its consortium members IBM and other industry participants, including ING Group, Wheaton Precious Metals, Ocean Partners, Kutcho Copper, Capstone Mining and White & Case to develop the platform.
The platform is now live and available to industry participants, with initial usage and transactions with consortium members expected to start within the next few weeks.
It provides benefits across industry verticals, including mineral concentrates, bulk metal and fertiliser.
MineHub’s first release enables miners to capture mineral production and digital contracts with buyers, which will help streamline the post-trade operations, as well as financing and logistics.
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MineHub CEO Arnoud Star Busmann said: “We are excited about having the first trades going through the platform in the coming weeks and from there start demonstrating the benefits of the solution, in particular the cost savings from streamlining operations, improving access to finance and enabling mineral provenance.”
According to MineHub, digitising the supply chain will enable automation and provides better traceability.
This would allow MineHub Platform users to streamline their operations, improve profit margins and contribute to sustainable supply chains.
Built on the IBM blockchain platform using the open-source Hyperledger Fabric standards, the platform allows parties involved in selling, buying and paying for cargo to collaborate securely in real-time.
They can securely share electronic information rather than couriering or emailing paper documents that are subject to fraud and cyber threats.
IBM Energy & Natural Resources general managing director Manish Chawla: “We anticipate considerable reduction in disputes on assays and logistics events by automating the capture of mineral provenance data.”
In January, IBM and MineHub Technologies partnered to use blockchain technology to track high-value minerals across the supply chain.