MineHub, a visionary in transforming the mining and metals industry’s supply chain, has collaborated with KrypC to address the challenges of global supply chain management. Together, they developed a groundbreaking platform using Hyperledger Fabric technology, aiming to enhance transparency, efficiency, and security in the mining and minerals trade-finance and supply chain. The platform’s primary objective is to automate the traditionally opaque and inefficient supply chain processes that MineHub identified as problematic for the global mining market, which is valued at trillions of dollars.
This innovative platform creates confidence by leveraging the power of Private Data Collections (PDCs) in Hyperledger Fabric 2, ensuring that data remains secure, private, and unaltered throughout its lifecycle. Furthermore, KrypC’s KrypCore technology offers agile functionalities, enabling seamless and secure data sharing across a vast network of global players.
In summary, the partnership between MineHub and KrypC was meant to develop a transformative solution to revolutionize the metal and mining industry’s supply chain. This platform streamlines operations and also promotes transparency, efficiency, and security for the entire sector.
Below is an illustration of the system’s functioning:
Image source: Hyperledger’s website
WHAT WAS WRONG WITH THE MINING INDUSTRY?
Process in the mining industry are relatively slow and analog or not interoperable. This lack of interoperability renders the whole process slow, inefficient, more costly and less secure. These companies lose on average 5-10% of their time managing these documents. At a global scale, this costs 180 billion USD to companies. The opaque and old processes are clearly outdated, and there is the need for enhanced, more rapid and cheaper systems.