Impact Of Blockchain Technology In Mining Industry
Blockchain technology is ramifying its role and finding applications across the different industrial segments. When we talk about Blockchain, most of us think about its application to the finance segment, but the fact of the matter is that Blockchain finds application across the different industrial segments, from food to healthcare; this technology is proving its provenance across the different industries. Its features like decentralization, peer-to-peer networking, immutability, encryption, and others have made this technology a panacea for business operations. Amongst the several use cases of Blockchain technology, we are going to focus on the mining industry.
How is Blockchain impacting the mining industry?
Irrespective of the industry type, Blockchain’s application has had a positive impact on business operations. The following segment highlights how Blockchain is impacting the mining industry:
1. Supply chain management- An efficiently Runnin supply chain management is a must for the seamless functioning of the business. Blockchain can be used to track the materials in the mining value chain. These can be blocks to metals. Storing the information on the ledger in the form of the stepwise province will help the customer find the source of the metal, its procurement, processing, packaging. Most of the mining companies have a scattered value chain, with the transaction spread to multiple parties. Blockchain can be used for automated invoice reconciliation. Blockchain could lead to the automation of invoice reconciliation.
2. Compliance and mining lease management- The next area where Blockchain finds application in the mining industry is compliance and mining lease management. One of the areas of work for the mining industry is the documentation that is created during the exploration, resource estimation, planning the process, and mine designing. Working on these aspects using the conventional scenario can be time-taking, and is not error-free. With the Blockchain, we can have a better information storage and exchange system. Also, Blockchain will aid better traceability of inventory into the ERP.
3. Smart Contracts- The next and the most important use of Blockchain in the mining industry could be the use of smart contracts. These pre-programmed digitized contracts will make it easy for the mining companies to connect with external entities and execute the seamless exchange. It can also be used for the audit of activities and the output of resources.
These are some of the key areas of Blockchain application in the mining industry. Blockchain is undergoing a lot of transformation to make this technology far more scalable and useful for all the desires, and the Blockchain developer has to play an important role in this.
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