Vancouver-based MineHub Technologies announced Tuesday the launch of its technology platform, designed to improve efficiency in trading operations and environmental and social governance (ESG) compliance in mining and metals supply chains.
The MineHub platform is now live, and is built on the IBM Blockchain platform using the open-source Hyperledger Fabric standards. Using secure blockchain technology ensures privacy, transparency and traceability via a real-time flow of information and products along the entire supply chain — from mine to market, the tech company said.
MineHub has been working in collaboration with IBM, ING Group (NYSE: ING), Wheaton Precious Metals, Ocean Partners USA, Kutcho Copper (TSXV: KC), Capstone Mining (TSX: CS) and White & Case LLP. Each of the participating companies represent key areas of the supply chain from mining, streaming, trade and finance.
Initial usage and transactions with consortium members are anticipated to start within the next few weeks as well as the addition of new industry participants to the platform, the company said. MineHub’s first release enables miners to capture mineral production and digital contracts with buyers, streamline the post-trade operations, financing and logistics.
The MineHub platform can be used by a wide variety of company types and sizes including SME and large corporate miners, trading houses, financial institutions, alternative financiers, streamers, logistics companies and assayers.
The $1.8 trillion global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency among supply chain participants, MineHub said. By digitizing the supply chain, increasing levels of automation and providing greater traceability, MineHub says it expects platform users are expected to be able to streamline their operations, improve profit margins, and contribute to sustainable supply chains and responsible sourcing.
“By providing an immutable record of transactions, MineHub is already helping its members streamline operations, improve key process efficiencies, and bring a new level of trust and transparency,” Manish Chawla, managing director, IBM Energy & Natural Resources said. “We anticipate considerable reduction in disputes on assays and logistics events by automating the capture of mineral provenance data. This is an exciting advancement that will pave the way for traceability reporting as well.”