A cloud-based solution provider has announced its intent to bring blockchain to the mining industry, taking the first steps towards creating a consortium of mine operators and financiers.
Open Mineral announced in a statement this week that it is looking to build a consortium of mining companies and financial institutions to create a blockchain system for minerals trading and logistics.
Partnering with a U.S blockchain start-up called ConsenSys, Open Mineral has established Minerac which looks to make mineral trading and supply chains across the mining industry.
“Logistics are complex, financing is difficult to acquire and the entire process is very paper heavy,” said Open Mineral Chief Executive Boris Eykher.
“Thus, the industry is primed for blockchain disruption to simplify the trading process, (and) increase efficiency and profitability.”
The partnership looks to replicate the success of ConsenSys in creating similar consortiums across the oil and gas industry as well as the trade finance space.
“Minerac will allow stakeholders to securely exchange critical trade documents, such as bills of lading and letters of credit, via the use of smart contracts,” the statement said.