• Sun, 17 Feb 2019, 04:30 PM
  • All times are UTC
  • Edition:
    International
Link copied

IBM announces blockchain initiatives on mining and metals supply chain and tracking ethically sourced minerals

Wed, 16 Jan 2019, 06:40 am UTC

Tech giant IBM on Wednesday announced two blockchain initiatives – one focused on tracking and validating minerals and other materials for the automotive and consumer electronics industry, and the other on global mining and metals supply chain solution.

Ethically Sourced Minerals

IBM announced a collaboration with Ford Motor Company, Huayou Cobalt, LG Chem and RCS Global to use blockchain technology to trace and validate ethically sourced minerals.

The partnering companies will work closely to develop an industry-wide blockchain platform for tracing and validating a range of minerals used in consumer products. The project will initially focus on responsible sourcing of industrially-mined cobalt.

Lisa Drake, vice president, global purchasing and powertrain operations, Ford Motor Company, said that the objective is to ensure that “materials produced for our vehicles will help meet our commitment to protecting human rights and the environment."

According to the official release, the pilot is already underway and aims to demonstrate how materials in the supply chain can be responsibly produced, traded and processed.

The platform is being built on the IBM Blockchain Platform and powered by the Linux Foundation's Hyperledger Fabric. The pilot is expected to be completed by mid-2019.

Supply Chain Solution for Global Mining and Metals

In a separate announcement, IBM said that it is teaming up with MineHub Technologies to use blockchain technology to enhance efficiency in mining.

MineHub has established a consortium of leading industry partners including Goldcorp, Kutcho Copper, ING Bank, Ocean Partners USA and Wheaton Precious Metals who are developing the new mining supply chain solution on top of the IBM Blockchain Platform.

The solution will aim to improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain -- from mine to end buyer.

Blockchain technology will address the shortcomings of the existing manual, paper-based processes by providing a shared ledger to create a single, real-time view of transactions and data across the supply chain that can be seen by all permissioned participants.

Vince Sorace, Founder and CEO of MineHub, said that digitizing the supply chain will help “increase the level of automation, reduce reliance on intermediaries and increase the speed at which goods are transferred from miners to end buyers.”

This creates the opportunity for transformative efficiencies and cost reductions throughout all aspects of operations," he added.

According to the press release, the first use case will be built on the MineHub platform and will manage concentrate from Goldcorp's Penasquito Mine in Mexico throughout its path to market. The MineHub supply chain platform is built on the cloud-based IBM Blockchain Platform, powered by the Linux Foundation's Hyperledger Fabric.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,626.95 (-0.25%)
  • Ethereum (ETH) $126.08 (+2.07%)
  • XRP (XRP) $0.300200 (-0.68%)
  • Litecoin (LTC) $43.11 (-1.67%)
  • EOS (EOS) $2.81 (-1.06%)
  • Bitcoin (BTC) $3,626.95 (-0.25%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft