Nascent technologies like blockchain are still viewed, in many mining companies, with distrust. Despite being ideal for the mining sector, it’s still approached with caution and, often, not considered altogether.
However, blockchain has massive potential for the mining sector: not only in ensuring the provenance of metals, but also in securing our data and effectively managing our supply chains.
Provenance of metals
The provenance of the materials we source is becoming more and more important to consumers. Some companies, such as Apple, are already making moves to ensure that their supply chains are as transparent as possible and do not fund conflict.
Demonstrating that metals are coming from a sustainable and ethical source will soon be a necessity, not merely a choice. Blockchain provides a transparent, traceable database to store data. This means that you know it hasn’t been tampered with and is transparent and truthful.
Supply chain management
Blockchain technology still has profound potential for the mining industry beyond proving provenance. Blockchain-backed platforms can ensure that you have a secure and accessible way of centralizing and analysing your mining data.
For example, if you’re concerned about materials going missing but can’t identify the source, blockchain technology could be the solution. Our platform STAMP Supply is blockchain-backed and allows you to visualise your data through a dashboard, graphs and reports to identify any potential anomalies in your data. You can then follow through to investigate.
Secure mining data
Mining data, whether analytical, ethical or corporate, can be extremely sensitive. With blockchain technology, you can know that your data is secure, transparent and accessible. Companies need to manage approvals of documentation in exploration, resource/reserve estimation, mine design and planning process.
Blockchain can also remove the ‘middle man’ by acting as an intermediary between two companies. Companies can use smart contracts to exchange information and documents between them and an external partner to ensure that information is correct and transparent.
Blockhead Technologies have created STAMP Supply, a blockchain-enabled platform designed to track your supply chains from beginning to end. You can find out more about STAMP Supply here or contact us for a demo here.