SAN FRANCISCO, October 2, 2018 / PRNewswire-PRWeb / – One of the oldest vocations in human history will undergo an infrastructural revolution to calibrate the standard of procedure in the sector. Australia, the world's largest coal exporter and the world's fourth largest coal producer, is gearing up to apply blockchain technology to change the supply chain in the mining sector. There are over 50 active coal mines in Australia, which in 2008 has cumulatively exported 163.8 million tons of coal, bringing its export value to a new peak of $ 56.5 billion.
The logistics of such a mammoth industry is, not surprisingly, disconcerting. From the place where the coal is extracted, to the trucks that transport them from the dilemma to the processing units, and then to the packaging structure in which the coal is weighed, bagged and sealed. From there, the bags are sent to distribution points where they are prepared for export. By the end of a month, the number of grants making their way through the supply chain is hundreds of thousands, and the chances of losing track or breaking down information are very high. Regulators in this sector have been troubled by this seemingly incorrigible problem and have adopted blockchain technology to simplify workflow.
The idea is to label each bag with a registered number that will be permanently added to a secure data cache by specifying details such as the weight of the bags, the quality of the coal, where it has been packed and sealed, and so on. Apart from the blockchain technology, it involves the use of smart contracts and the tokenisation of coal itself, reducing the bureaucratic practices necessary to bring the excavation material from one production phase to the next.
Some coal companies are paving the way for this change and have superimposed their labeling and tracking operations on a decentralized digital ledger similar to the Ethereum network. HashCash, a company specializing in blockchain-based financial solutions that are in use in several countries, is negotiating with a couple of important but unexplained names in the mining sphere in Queensland, the region in which 61% of d & # 39; australia there is the black coal EDR. Their collaboration will hit the first half of 2019.
Raj Chowdhury, MD of HashCash, explains the attraction of the blockchain in the mining industry, "The industry is very widespread and has many participants and actors moving it along the line.A central ledger that is immutable, transparent It does not have the upper part of the ceiling when it comes to storage space, and universally accessible, it will make the system more efficient, reliable and more profitable. "
Blockchain is an innovation that has gained popularity thanks to its immediate association with Bitcoin in 2008, but has become the most sought after solution in countless sectors that seek to improve security and responsibility, such as diamond mining, space exploration, medical research and defense.
SOURCE Hashcash Consultants