We can see how many new and innovative applications of blockchain are being implemented on a regular basis these days. Blockchain provides levels of transparency and accountability that for ages were something that people could only dream of. Now we see in real life how technology can track processes and provide businesses and investors with real-time reports of how everything is operating and what sort of results can be expected based upon the data that is being entered and analyzed.
The mining industry is aware of the demands of the 21st century and many experts have suggested that the implementation of blockchain technology in the mining process could help to make things run more efficiently and lead to greater profits.
SAP has outlined seven key features of using blockchain in the mining industry. These are automation of ore acquisition and transfer to bypass third parties that are often required now, automatic registration of mineral rights and intellectual property, visibility of ore inventory at ports, an automatic cargo hire process, processing and securing large amounts of IoT data, enforcing reconciliation for values entered in the ledger book, and automatically carrying out other contracts.
Several gold and diamond companies have teamed up with IBM and an independent laboratory to track the process of how mined riches end up becoming pieces of jewelry. When we take into consideration that 49% of the gold that is mined in the world is used to make jewelry, it is possible to understand why tracking the extraction and production process is so important. Consumers nowadays want to know what they are buying and they want proof that what they are buying is really what it claims to be.
Innovative Minerals is a gold mining company that is dedicated to providing transparency throughout its extraction and production processes. By using blockchain technology, everything is tracked in a way that enables operations to be optimized. What’s more, the company offers investors a cryptocurrency that is backed by the gold that it mines. To find out more about Innovative Minerals, go to www.innovative-minerals.io.
Sources: SAP, Business Day, World Gold Council