Metals Exchange Forms Blockchain Group to Modernize Minerals Industry

A Switzerland-based trading platform for metal concentrates is forming a blockchain consortium aimed to streamline supply chains in the minerals industry.

To that end, Open Mineral – a startup established by a group of former employees from commodity trading and mining giant Glencore – said it has already started working with the ethereum startup ConsenSys to develop a platform dubbed Minerac. The firm did not disclose the names of the mining and financial firms that have so far agreed to join the consortium.

According to a report from Reuters, the project aims to have every party involved in mineral mining and trading logistics – from mining to shipping to storage and trading – participating as nodes of the new blockchain platform.

The goal of the project is to get rid of the existing complex and paper-heavy processes within the industry, and ultimately to allow the different parties to obtain updated logistics data simultaneously and transact trade documentation using smart contracts embedded in the blockchain…

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