Cryptocurrency
October 28, 2019
How do mining companies use Blockchain?

During the meeting of the new World Economic Forum (WEF), seven major metallurgical companies discussed the possibility of introducing Blockchain in the mining industry. Among the leading companies were the well-known Tata Steel, Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA, and Tracr. The companies intend to modernize their operations and achieve higher levels of production efficiency. The companies are going to join forces and start investigating Blockchain. New protocols will help to optimize many operational processes, starting with the extraction of raw materials and transportation of goods. 

Through uninterrupted data chains, companies will be able to manage their environmental emissions, making their operations environmentally safer. There are also plans to create a unique system that eliminates the possibility of fraud during transport procedures. Blockchain will be the cornerstone. The representatives who attended the meeting emphasized that they have a complex and multidimensional agenda ahead, which will fully justify the efforts invested:

"The new initiative will require serious work. Companies need to resolve regulatory issues, as well as analyze specific examples of the use of certain solutions." 

It is worth noting that the aforementioned companies were not the first to start implementing Blockchain. Similar startups have previously been established in Kenya, and the local industrial giant, Sawa Minerals, is also harnessing modern technology to streamline mining and enhance communication with direct buyers. Russians are also beginning to use Blockchain for faster diamond prospecting.

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