Minespider
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Minespider

Is blockchain on your to-do list? It should be.

#2 How to explain blockchain benefits to your boss — in the mining industry.

Tackling mining industry issues with blockchain.

Blockchain technology in the mining industry can address many ongoing, familiar issues — tracking origins of metals to assure consumers that they don’t come from war zones or as a result of child labour, eliminating theft and speculation, ascertaining contract conditions by implementing smart contracts, and optimizing logistics.

How does blockchain benefit the mining industry?

As you delve into learning about blockchain, again and again you will hear that blockchain creates trust, due to the immutable nature of the records — and in mining we certainly could benefit from more trust, right?

What is so special about blockchain that people want to implement it?

1. Data is shared by all parties. In any process where data must be accessed by several parties, blockchain eliminates delays in data updates and makes sure that everybody is looking at the same dataset.

Why is blockchain interesting for both upstream & downstream entities?

Tracing of origin is not a new concept, and many mines have already been using cumbersome paper certificates and tags for tracking their production. They know how time-consuming and prone-for-meddling these processes are.

We can learn from other industries adopting blockchain solutions.

We don’t even need to re-invent this bicycle to ride it — we can look at other industries, understand what processes they are using and how they are similar to ours, and implement what worked for them.

Blockchain technology is out there, ready to go.

It is up to us, experienced miners, to educate ourselves and work with technology developers who are keen to offer their solutions to improve our business.

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