MineHub Technologies (TSXV: MHUB) announced Tuesday its collaboration with TradeWaltz Inc. after a successful proof of concept involving a copper ore import from Sumitomo Corporation.
The companies said they aim to integrate their blockchain-based platforms to connect mining & metals supply chains with digital trade services in Japan.
TradeWaltz is owned by a consortium of ten Japanese corporations including Mitsubishi Corporation, Toyota Tsusho Corporation, Mitsui-Soko Holdings Co., Ltd., Nissin Corporation and MUFG Bank, which has developed, with support from the Japanese government, a cross-industry trade collaboration platform that fully digitizes trade processes in Japan.
MineHub is a platform for digitizing global supply chains, with a focus on mining & metals, and which has been co-created with top corporations in the industry.
Like MineHub, TradeWaltz is a blockchain-based platform and has already demonstrated a 45-60% increase in operational efficiency. As the first step of the collaboration, a proof of concept was conducted on March 23, using a Sumitomo Corporation copper ore import transaction. The results suggest up to a 60% improvement in business processing efficiency.
“A key concern in the digital trade community is the emergence of digital islands, which limit the exponential benefits potential of connectivity,” Arnoud Star Busmann, MineHub Technologies CEO said in the statement.
“Our collaboration with TradeWaltz demonstrates how interoperability between leading platforms removes those constraints to unlock that exponential value creation for mining & metals supply chains,” said Busmann.
“We are very excited to be working with these Japanese innovators TradeWaltz and Sumitomo Corporation on taking the industry further on its digitalisation journey.”