Blockchain technology is changing the way that the world is managed. There are countless sectors that have been able to apply blockchain to their operations. The mining industry is one that experts have been saying is in need of technological upgrades, and these include the implementation of blockchain technology.
Blockchain technology is able to reduce instances of fraud, theft, and insurance costs. What’s more, this technology provides transparency that makes business run more smoothly and gives investors more confidence in what they are investing in.
The mining sector has been hit by a number of cyberattacks in the past decade with motives behind these attacks ranging from those geopolitical in nature to those associated with making some sort of financial gain. Vulnerabilities need to be reduced if not eliminated and new technologies can be used to accomplish that.
PwC feels that blockchain can be applied to mining supply chains to track and trace minerals from extraction to point of sale. This is a solution for future operations and a way to keep the mining sector competitive and accountable in a modern world that demands these qualities.
Innovative Minerals is a blockchain gold mining project that understands how modern technology can and should be applied to the industry. We want to streamline operations and offer investors a cryptocurrency that is backed by real gold. To find out more about this project, go to www.innovative-minerals.io.
Sources: Investing News, Softpedia News, Forbes, PwC