Digital twins are digital replicas of a business, process or product over its life cycle.  Blockchain could be the key to unlocking their full potential.

We are seeing more use cases of digital twins in the mining sector. They allow companies to predict and simulate future outcomes. They can then act on these potential outcomes, or plan based on their positives or negatives.

The use of digital twins in industry

Digitalization is taking over the mining industry. Soon, even small businesses will be digital.

Text: '42% of companies plan to use digital twins within the next three years'

Digital twins struggle to reach their full potential on their own. Instead, they are often driven by IoT: they take pre-existing data and turn it into a simulation. Soon, blockchain could be the next step in the success of digital twins.

Blockchain will be able to make digital twins permanent, immutable and decentralised. So nobody can delete them, change them and they can be accessed from multiple places.

Blockchain already has a myriad of uses in mining. Its most prominent use is tracking supply chains. Our product STAMP is already changing the future of mining supply chains with blockchain-backed technology. But blockchain has more than one use. And combining blockchain with digital twins may be the answer to a lot of questions.

How can blockchain help?

Blockchain provides an easy, accessible way of accessing digital twins. It can also allow for models to be combined, considering that most businesses utilise more than one. But for this to work, it requires three things: blockchain, IoT and digital twinning.

Digital twins can be of anything from mining company models, mining sites to mine equipment.

Text: 'the digital twin market is forceast to reach 15.66 billion USD by 2023.'

Blockchain can also help in another aspect of mining supply chain – with digital tags. This means that an object, when being tracked through the supply chain, has a digital twin that can verify its authenticity. This would be especially useful in the legitimacy of rare wines or in the origin of certain foods, or even in the verification of antiques.

The future of industry is digital

While blockchain suffered from hype over the last couple of years, it’s finally beginning to be recognised for its uses outside of cryptocurrency. A major one is supply chain management – but blockchain’s uses go much further than that.

Digitalisation is pressing companies to streamline their operations. This means incorporating blockchain, AI, IoT, digital twins and more into their business processes. It also means a change in the way we work – and the way things will work in the future.

We’re getting ahead of the curve with blockchain-backed supply chain tracking. Click here to find out more about our product STAMP.