MineHub has partnered with IBM Hyperledger to start offering mining industry blockchain services. The MineHub platform is already live. However, it will not start working in full force for several months to come.
What this new endeavor aims to do is bring efficiency and transparency to the industry, as mining precious metals and minerals has long been considered one of the shadiest sectors of trade.
Mining industry blockchain
The mining industry is one of the biggest money generators worldwide. However, the methodology used by mining companies has not changed for decades.
What MineHub is looking to achieve is speed and transparency through the use of blockchain technology. The mining industry blockchain will allow for the easier creation and execution of mining contracts.
According to a MineHub press release, the platform will remedy the long-standing problems connected to paper-based agreements and the troublesome supply chain currently in place in the mining industry.
In order to achieve this transparency and efficiency, MineHub decided to turn to IBM’s Hyperledger blockchain.
Many companies and even countries have preferred to use the Hyperledger blockchain, as it is developed by a tech giant, and has pledged to remain separate from cryptocurrencies. According to official announcements, Hyperledger will never issue a native token. This makes it one of Ethereum’s biggest competitors.
Several examples of significant uses of the Hyperledger blockchain include Iran. The government in Iran has decided to turn to IBM’s services in order to develop a nation-wide blockchain system, which should facilitate the further development of the economy.