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Blockchain Technology and How it Can Change The Mining Industry

20/11/2020

Blockchain Technology and How it Can Change The Mining Industry

Blockchain technology has already started transforming the data management system and the supply chain management system by interrupting its unique features (security, transparency, and immutability).It protects your data and makes sure confidential data access should stay private. It is encrypted and secure.


Blockchain has also positively influenced the mining industry, and we can go through how that has happened. 


We can look at these areas of mining where blockchain has been used.


There are several sectors in the mining industry where the blockchain has improved systems in making them stronger and safer at the same time. Areas in ; construction sites with the engineering, site handover, managing different leases and documents, the supply chain systems, new arrivals of mining, and the mining supplies. From top to bottom, finished blockchain solutions that work with existing systems. 


The blockchain interruption on those sectors 


During the ECH that is the Engineering and Construction handover business, the geographical territory can be complicated. This is why engineers get the information in both structured and unstructured forms. Managing and collecting the information for a better work process becomes expensive, the more complicated you make it. The problem is compounded when delays are added to the mix, hampering any company’s schedule.


The supply chain management system has a blockchain influence as well as adding transparency and trust to other suppliers. The mining materials and minerals themselves are traceable until the completion of the final delivery. It provides both the company and customer with intact information on a real-time basis. The automated invoice and QR code verification increases reliability and transparency. 


When it comes to reorganizing a mining land value, the digging of native minerals is not allowed. Blockchain can be used to ensure the land valuation process and land titles.


The Original Equipment Manufacturer's sources for mining supplies come from different vendors. When you combine that with all the other suppliers needed to run a mine, it is a small army of people required to maintain it.


OEM is a crucial part in supply chain because only the Original Equipment Manufacturer knows the vendors that work under it. To avoid failures, the software connects all the relevant data to the OEM and hands over the access only to the authorized parties. 


This is how the mining maintenance department can see the source of equipment, parts, all including vendor origin, in the one place. Using finished blockchain software that works with current databases in place.


Blockchain can be a great solution in many fields, but in the mining industry, it can be a game-changer for many companies if it gets utilized in the right places. For more information, contact Blockchain Software and set the industry goals. 


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