Its digital ledger, as well as encryption technology allows for the secure storage and sharing of digital currencies (cryptocurrency).
Blockchain is beneficial to the mining industry because it provides transparency and security in transacting business, changes made in documents, designs and other aspects of any transaction.
However, the benefits of blockchain technology transcends digital currencies, as it is beneficial to a whole lot of other industries. Taking the mining industry as a case study, here are three ways in which blockchain technology can be beneficial to the mining industry.
Compliance Made Simple
Blockchain technology would make compliance in mining and metals firms way easier and not so complicated. Companies which are focused on social responsibility, constantly handling technological improvements on equipment as well as increasing their transparency will definitely benefit from the blockchain environment.
Improved Safety And Less Errors
Shipments of companies being tracked by Blockchain technology will put some ease in the whole shipping process, because there is no risk of paper documents being lost, damaged, destroyed or altered (with nobody knowing). With blockchain technology, errors are reduced significantly.
Easy And Speedy Transactions
Blockchain technology allows for easier and faster transactions with the use of smart contracts. Processes are generally faster when blockchain tech is incorporated.
The growth potential and adoption of blockchain technology in the mining industry is majorly based on its ability to increase transparency and accountability in the mineral supply chain, a very important aspect of the mining industry as it becomes more consumer conscious.
Blue Hill Foundation (BHF)
Mongolia based mining company, Blue Hill Mining are already in the experimental phase of utilizing blockchain technology to increase transparency across supply chains.
The Blue Hill Foundation (BHF) is a gateway to Blue Hill Mining, a comprehensively regulated STO (security token offering) asset backed by one of Asia’s largest copper reserves.
Blue Hill Mining has witnessed significant feats in the close to a decade of geological planning. Huge amounts of nickel, cobalt, copper and gold have been found in research areas, which have very high demand across various industries.
Per the BHF lightpaper,
“Blue Hill Foundation is a 24% co-owner of the Blue Hill Mine alongside Blue Hill Mining. Blue Hill Foundation, as co-owner of the “Blue Hill Mine”, has entered the Blockchain space with the Bhf-Tokens, creating a financial strategy which opens the door to a 24/7 worldwide market”.
BHF Token Characteristics
- Asset Backed
- Exchangeable Token
- Limited Token Offer
Blue Hill Mining plans on utilizing blockchain technology to track, store and log all data relating to mining and trading as well as to ensure the ethical sourcing of all raw materials across the mining industry.
Benefits Of Global Adoption Of Blockchain technology In The Mining Industry
Looking forward to how blockchain technology will affect the mining industry, there are still hanging questions on how the technology will be efficiently effected.
However, one thing is certain, blockchain technology will improve the security and transparency of supply chains as well as serve as an efficient way to track movement of materials from place to place.
All these will not come to actuality overnight, but if the adoption of blockchain technology keeps its steady rise, then, spreadsheets will be a thing of the past, sooner rather than later.