Blockchain has been digitally transforming every enterprise in every industry. Blockchain’s encryption technology and digital ledger allow securely storing and sharing of cryptocurrency.
Blockchain provides security and transparency in business transactions, changes made to designs, documents, and other business agreements. These aspects of Blockchain make it useful and relevant to the mining industry.
Some may be surprised to learn that blockchain has a lot to offer beyond cryptocurrency applications. While the technology itself isn’t simple, the benefits are quite straightforward in theory.
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With blockchain, mining and metals companies may find compliance easier and less complicated. Companies that are focused on being socially responsible, handling increasingly technical developments to equipment, and improving their company’s level of transparency may all benefit from blockchain due to how it can function in these environments.
Fewer Errors and Increased Safety
Companies can feel safe shipping materials and using blockchain to track them through the process, as there isn’t any risk of paperwork being lost, damaged, or destroyed. Errors are greatly reduced, and the level of safety rises significantly.
Faster, Easier Transactions
With blockchain, it’s quicker and easier to get through transactions with smart contracts. It’s also easier to adopt good practices and adapt to how they need to be changed.
The technology’s biggest growth potential lies in its ability to help miners improve transparency across mineral supply chains, an increasingly important consideration as the industry becomes more consumer conscious.
In this regard, global mining companies such as Blue Hill Mining are already experimenting with or plan to implement blockchain solutions to improve supply chain transparency.
The Blue Hill Foundation, a gateway to Blue Hill Mining, a fully regulated STO, asset-backed by one of the largest copper reserves in Asia.
Blue Hill Mining has recorded lots of astonishing results after over eight years of geological planning. Large volumes of copper, nickel, cobalt, and gold have been found in less than 10% of the researched area. These are highly valued commodities, with soaring prices due to the increase in demand, from the smartphone and electric vehicles industries.
The company plans to implement Blockchain to track, log, and store all data regarding the mine, as well as trading and to certify ethically sourced raw materials for the entire mining industry.
When looking toward the future of the mining industry and how blockchain may fit within it, there are still questions as to how this technology might be implemented most effectively.
Overall, blockchain is highly secure and can offer an efficient and high-quality way to track the movement of materials from one place to another. This probably will not be an overnight change, but it is certainly a development worth keeping an eye on.
For the mining industry specifically, blockchain presents exciting opportunities for streamlining and creating transparency in a company’s supply chain.
Blockchain is a security solution that improves results and safety. Spreadsheets could be a thing of the past if uptake of blockchain continues. Mining is a dangerous job, so anything that can be done to ensure better practices is a step in the right direction.