MineHub, a leader in transforming the mining and metals industry’s supply chain, has partnered with KrypC to address the challenges of global supply chain management. Together, they have developed a groundbreaking platform using Hyperledger Fabric 2.2, with the goal of enhancing transparency, efficiency, and security. This platform automates traditionally inefficient and opaque processes in the global mining and minerals trade-finance and supply chain, creating a more resilient and transparent system. KrypC’s KrypCore technology supports seamless and secure data sharing, ensuring that participants can collaborate easily while maintaining privacy and security across a vast network of global players.
WHAT WAS WRONG WITH THE MINING INDUSTRY?
Processes in the mining industry are relatively slow, analog, or not interoperable, which results in inefficiency and higher costs. The lack of transparency and real-time tracking renders supply chains vulnerable to delays, errors, and fraud. Moreover, companies often rely on manual document handling, which can lead to significant time wastage—5-10% of their time is lost managing documents and transactions. At a global scale, this inefficiency costs mining companies an estimated $180 billion annually. Additionally, global supply chains face risks from external disruptions such as pandemics, political instability, and environmental regulations, which further strain an already fragmented system. These outdated, opaque processes needed to be transformed. However, there had to be the appropriate technology for it, and that is where blockchain comes in place.
HOW CAN BLOCKCHAIN BE USEFUL?
Blockchain offers a decentralized, secure, and transparent solution to many of the mining industry’s key challenges. By using an immutable ledger, blockchain ensures that every transaction is recorded and visible to authorized parties, increasing transparency across the entire supply chain. It automates processes through smart contracts, reducing the reliance on manual intervention, and thus minimizing errors and delays. Blockchain also enhances security by encrypting data, preventing unauthorized access, and ensuring the integrity of sensitive information. Furthermore, its decentralized nature makes the supply chain more resilient to disruptions, whether caused by geopolitical events, environmental changes, or market shifts. By creating “one version of the truth,” blockchain enables seamless collaboration between different stakeholders, from mining companies to financial institutions, without compromising data privacy.
WHAT DID THEY DO?
MineHub and KrypC joined forces to address these issues by developing a blockchain-based platform using Hyperledger Fabric 2.2. This platform leverages Private Data Collections (PDCs) to securely share business-critical information among participants, while ensuring privacy. MineHub focused on automating traditionally manual processes, such as document management and transactions, to reduce inefficiencies and costs. KrypC’s KrypCore technology added flexibility and scalability, allowing thousands of global participants to join the platform and interact dynamically, regardless of their size. By integrating smart contracts, the platform ensures that workflows can be executed automatically, and the decentralized structure allows for the system to remain resilient in the face of disruptions. This innovative solution has successfully enabled real-time, secure collaboration across the mining supply chain, revolutionizing how data is shared and managed.
Below is an illustration of the system’s functioning:
Image source: Hyperledger’s website