Published on July 9th, 2018 | by bitcoin0
Blockchain Group to Enhance 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.
Founded in 2017, the startup mainly serves to eliminate intermediaries for mining firms and smelters in a bid to reduce their costs when trading mineral concentrates.