The Role Of Blockchain In Transforming The Mining Industry

The mining industry has a significant connection with the gem & jewelry business. The expertise of the mining companies ensures the supply of the finest gemstones to the jewelry supply chain. There are several aspects of the mining industry that needs betterment. With time, engineering has improved significantly and the digital interfacing of the entire mining process improved the perfection of the entire process significantly. Blockchain technology comes up with a set of unique propositions that would benefit the mining industry on the whole!

• Supply Chain Management – The entire supply chain of the mining engineering process can be managed with the utmost perfection. The entire mining process can be shown in steps that would bring about a significant amount of provenance for the end-users. The end users can be in the form of retail buyers or enterprises using precious minerals or gemstones for their transactions.    
• Automation of invoice reconciliation – The invoicing process between miner, arbitrator, and customer can be easily overcome with the help of blockchain. Blockchain can easily act as the perfect intermediary and avoid all kinds of conflicts and problems arising between the parties.
• Mining Equipment OEM – The original mining equipment sources parts from several vendors. The entire procurement process has several steps and is often cumbersome. There are chances of fake spare parts entering the OEM ecosystem. Plus, there are significant concerns related to the billing and authentication of procurements. All these problems are alleviated through blockchain.
• Mineral provenance – This is one of the most important aspects of mining. The provenance of minerals in the mining ecosystem is a very important factor. Nothing can give better provenance than blockchain! Yes, right from the source to the final product, the journey itself is very unique and rewarding with blockchain. With incomparable transparency and proof of authentication, there would be no confusion within the supply chain.

For the most reliable supply chains, rely on blockchain. It will provide a robust architecture that would be simply immutable and irreplaceable. Nothing can match blockchain level security and authenticity.

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