While the mining and metal industry has been a long-time significant contributor to the global economy, it isn’t to say that the way things are done now is reliable and efficient. In fact, many of its operational and commercial practices remain to be inefficient, leading to various issues like data loss and security flaws. Fortunately, technology is advancing, and blockchain technology has the potential to change the mining and metal industry for good.
Blockchain is a secure archive of records stored on ledgers most notably known and connected to cryptocurrencies. Thanks to blockchain’s secure and reliable data-storage capabilities, such technology can be used in many ways in the mining and metal industry, which we will talk about right now:
1. Less Reliance on Paper-Based Processes
While using paper isn’t exactly a sin, there’s a lot of risks when using it. Paper documents tend to be lost, and they take a lot of time to process as well. These two issues can become incredibly problematic, especially when dealing with tons of paperwork to be done and handled quickly to ensure operations happen smoothly. As such, the use of blockchain to store and manage information can make the entire much easier. No more processes will be held up because of a paperwork-related issue. Now, everything is made digital, making completing and making exchanges happen faster and quicker.
2. Various Processes Happen Quicker and Safer
Blockchain has the ability to be synchronized, meaning that anyone who has access to the ecosystem will be notified of everything that’s happening at the same time. This means things like trade developments will be made known to everyone quicker, resulting in faster decision-making, shipment scheduling, and other activities. As a result, not only do processes happen faster and smarter, but it also drives innovation and compliance beyond just mining. Blockchain can help connect many industries, working together to develop new solutions and technology to perform better and faster.
3. Makes Tracking Ores and Minerals Much Simpler
While there are solutions to track ores and minerals, blockchain is seen only to simplify the process. All it will require is sealed bags for the items that are stamped with unique identification codes that are all logged on the blockchain. Such ID will lead to information such as what the container has, how much mineral it contains, the mineral’s quality, and more. This makes tracking different ores easier, providing clients with better peace of mind, especially when dealing with high-value minerals.
There are many things that blockchain has to offer to the mining and metal industry, from improving the transparency of companies to helping businesses stay compliant. Regardless, blockchain is continuously developing, and the future of the technology is still quite uncertain. Regardless, its use can prove that it has many use cases in the mining and metal industry. While there will be a lot of experimentation to be done with the technology, such efforts will prepare the industry for future changes that allow them to operate far more efficiently and safely. In addition, it can make their operations much more sustainable—a trend that the world is moving to.
Group 11 Technologies are committed to providing environmentally and socially responsible mineral extraction solutions. If you are looking for an innovative technology company in Vancouver to give you access to mineral extraction tech, work with us today.