Mining software and consultations provider MineRP has signed a letter of intent (LoI) to partner with blockchain platform Karuschain.

As part of the signing, MineRP will adopt Karuschain’s blockchain platform creating a path for data immutability and traceability in the mining and precious metals industry.

The proposed partnership aims at creating an opportunity for further transparency, as well as ensuring the secure management and tracking of crucial data throughout the mining and precious metals supply chain.

MineRP has been working with Karuschain’s executive and technical crew to partner on an integrated blockchain solution that meets the demands of the company’s customers.

Karuschain’s blockchain platform is modular by design, and improves a range of existing industry technologies and software systems by offering customisable, scalable and interoperable solutions.

By applying this technology to MineRP’s existing systems, Karuschain will enable seamless traceability and audit reports through simple user-friendly dashboards. It also enables tracking of processes with a digital signature, from extraction to the final consumer.

This proposed partnership represents the way in which digitalisation is transforming the mining and metals industries.

According to an analysis conducted by the World Economic Forum, approximately $425bn of value is said to be generated from the digitalisation of the mining and metals industry by 2025.

Karuschain CEO and founder Richard Verkley said: “I have been involved in some incredible growth businesses in my time, but I have never witnessed the synergy between two companies like this before.

“This relationship is creating a new-world software solution that truly will become a leading industry force driving dramatic cost benefits, enhanced security, information innovations, and an opportunity for next-generation compliance.”

MineRP operates five offices across four continents, and has partnerships with SAP, Deloitte, IBM and GE, while Karuschain provides end-to-end traceability and tracking for the global precious metals industry.