MineHub and IBM to introduce global mining and metals supply chain solution with blockchain
MineHub Technologies and IBM (NYSE: IBM) today announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain — from mine to end buyer.
Goldcorp Inc. (TSX: G), ING Bank (NASD: ING), Kutcho Copper Corp. (TSXV: KC), Ocean Partners USA Inc. and Wheaton Precious Metals Corp. (TSX: WPM) are working with mining technology company MineHub to build the new mining supply chain solution on top of the IBM Blockchain Platform. Each of the participating companies represent key areas of the supply chain from mining, streaming, trade and finance.
“We are 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 the opportunity for transformative efficiencies and cost reductions throughout all aspects of operations,” said Vince Sorace, founder and CEO of MineHub in a press release. “This is a significant advancement for an industry looking to integrate and use data in ways not previously possible”.
The first use case will be built on the MineHub platform and will manage concentrate from Goldcorp’s Penasquito mine in Mexico throughout its path to market.
The news comes on the same day carmaker Ford and IBM announced they had partnered up with South Korean battery maker LG Chem and China’s largest cobalt producer Huayou Cobalt to test the first blockchain project to trace supplies of the metal from Democratic Republic of Congo (DRC).