Vancouver-based mining technology company MineHub Technologies and IBM are working together to create a blockchain-based supply chain.
The collaboration is supported by Goldcorp, Wheaton Precious Metals, ING Bank, Ocean Partners USA and Kutcho Copper, the junior miner who launched Minehub in July 2018.
The application, which will be the IBM Hyperledger blockchain platform, will have its first test case at the Peñasquito project of Goldcorp in Mexico. The application of MineHub will monitor the Penasquito concentrate as it moves from the mine to the market.
End users will be able to verify data from any ore mined on the site, which will be uploaded to the blockchain platform. Only the parties to whom the authorization has been granted will have access to the information on the concentrate.
"By digitizing the supply chain, we can increase the level of automation, reduce dependency on intermediaries and increase the speed at which goods are transferred from miners to final buyers," said MineHub's founder and CEO, Vince Sorace, in a statement . "This is a significant advancement for an industry that seeks to integrate and use data in ways that were not previously possible."
IBM's blockchain technology acts as a secure digital ledger that allows buyers to track minerals across the supply chain, improving transparency throughout the entire process.