Enabling effective governance and keeping track of minerals extracted could yield benefits for companies operating across the mining landscape.
Overall, blockchain technology will have diverse applications across this industry. It is a secure and decentralized network where users can create digital records by tracking transactions and stage upgrades for minerals extracted.
The mining industry’s supply chain is extremely complex due to the typically long life of the deposit and the processes involved in extracting the mineral from the mine.
Implementation of platforms based on blockchain technology will enable tracing of materials from extraction, through processing, to delivery and payment, maintaining transparency across the mineral supply chain.
With the implementation of blockchain, mining companies can maintain digital records of the entire mineral value chain. Every attribute, including certificates, images, transaction details, and many more, can be effectively captured.
Blockchain could bring about new levels of traceability and accountability across the diamond supply chain.
To date, the technology has been implemented in tracking precious metals, and stones such as gold and diamonds.
Here companies are recording the entire development process, which is helping companies in maintaining the genuineness of the product.
GlobalData’s Blockchain in Metals & Mining – Thematic Research report will identify the leaders and laggards in blockchain technology, provide recommendations for mining companies and IT vendors, analyses the value chain, identifies key trends, and more!