European banking group to develop blockchain platform for mining

Blockchain to shake up mining and metals sector

European banking group to develop blockchain platform for mining. Source: shutterstock.com

European banking group ING is developing a blockchain-based platform with mining technology company MineHub that will make the entire supply chain for mining and metals sector more secure, transparent and efficient.

The solution is being built on IBM’s cloud-based blockchain platform.

The path of minerals such as gold, copper, and zinc through the supply chain to the commodity trading market is typically complicated. Months can elapse and thousands of paper documents can cumulate until a metal reaches the end user. Manual documentation increases the risk of fraud, data entry errors, and delays, which slows down trade finance and increases costs.

MineHub will use blockchain to reduce processes and approvals from weeks to a few hours and cut down the paper documentation needed for transport, finance, invoicing and payments.

MineHub has joined forces with gold production company GoldCorp to test the new blockchain platform in an export of gold concentrates from Mexico to Belgium.

SEE ALSO: HSBC shared its experience of using distributed ledger technology

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