Precious Metal Exchange Creates Blockchain Association

Based on the July 9th announcement, Open Mineral, an online commodities exchange company, plans to pool together resources from several mining partners to form an association in hopes of creating a successful mineral trading network based on technology associated with blockchain processes.

The Swiss-based exchange has engaged in partnerships with ConsenSys, the U.S. based DApp developer in order to establish a Minerac. This project will focus on boosting mineral trading and applying blockchain systems to existing supply chain statistics.

New Uses

Open Mineral released a statement explaining their new venture into blockchain, explaining that their current system suffers from over complicated logistics, paper-heavy processing, and overall insufficiency. In their opinion, introducing blockchain can help simplify this issue and boost profitability.

The company stated that through utilising smart contracts, Minerac can offer investors the ability to transfer trade documents in a secure efficient manner.

Boris Eykher, Open Mineral's CEO discussed the recently established association explaining that it already been in contact with several mining companies and is also currently negotiating with other financial entities that remain unnamed.

The company wishes to tackle security issues and long-term sustainability within the mineral industry by issuing a system in which closed containers are given an identification code. This code is registered in this Minerac network. Unique codes for individual packages will then be uploaded onto the blockchain system to include details such as delivery information and location. Using the core structure of blockchain technology, Open Mineral aims to establish a great foundation for the secure trading of expensive materials in addition to confirming these goods do not derive from areas of conflict.

The blockchain system has largely been incorporating into supply systems across numerous industries. According to last weeks patent publishing by the U.S. Trademark and Patent Office, Walmart established a blockchain system in order to securely track logistics throughout their management system. This involves the notion of providing delivery lockers in hopes of safely keeping storage and cargo  until buyers can collect their orders in person.

In addition, Walmart, among 9 additional businesses in partnership with IBM came together to establish a blockchain that can accurately track food supply on a global scale. Other participants of this blockchain group include international food industry giants such as Nestle SA, Tyson Foods Inc, Unilever NV, and Dole Food Co.

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