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It's only a matter of time before the mining industry applies blockchain

Time : 08/11/2021 Author : iqx94j Click : + -
        As we know, blockchain is defined as revolutionary mining by subverting tradition and improving tracking and data sharing. According to the global law firm White & amp; According to a paper published by case and palainvestments on Thursday, blockchain technology and the smart contracts it brings are the next step in the development of global mining and metal supply chains. "Many people believe that the technology behind bitcoin is a solution for inefficient trade and settlement." One of the authors of the paper, white & amp; Rebecca Campbell, a partner at case, said. Campbell said: "under today's profit margin pressure, the inflation costs and complaints of the recent hard won productivity growth may be eroding the mining companies to find ways to improve efficiency.
 
        ”。 The platform can help miners improve market transparency and reduce fraud risk. The role of blockchain in the field of green energy and the wider sustainable and transparent supply chain may be weakened. According to the report, this distributed ledger Technology (DLT) uses a shared database and is updated in real time. Transactions can be processed and settled within minutes without third-party verification. The role of blockchain in the green energy space and the wider, sustainable and transparent supply chain may change the rules of the game. In the mining industry, there are already some examples of using blockchain. In terms of value, valuedebeers, the world's largest diamond producer, has tested a recently developed platform that can track the entire value chain of gems, from mines to buyers.
 
        With tracr soon to be available to the entire diamond industry, DeBeers can now both verify the authenticity of diamonds and ensure that diamonds do not come from conflict areas, where gems may be used to finance violence. BHP, the world's largest miner, is using blockchain with its suppliers, including recording the movement of wellbore rock and fluid samples and ensuring real-time data generated during production. Barrick, the world's No. 1 gold producer, pledged to invest $75 million in digital systems this year, with the aim of reducing operating costs and improving productivity. Another key selling point of blockchain and its potential benefits for global mining and metal supply chains is the ability to execute "smart contracts" for them.
 
        The author of this paper explained that a smart contract is a computer program stored in the blockchain. When the conditions encoded in the program are met, it will automatically move digital assets between accounts. The author said that digitizing individual mined ore blocks into assets that can be traded on the blockchain platform may bring new investment and trading opportunities. This is because this platform will enable individuals to participate in previously concluded negotiations and align their purchases with the exact product levels available on the market. From digitisation of global supply chain of mining and metals: the rise of blockchain and smart contract. Authorizing miners to trade more directly with customers has a potentially far-reaching impact on trading companies, although so far, various digital platforms do not seem to have a significant impact on the role of trading companies in the global supply chain.
 
        When looking into the future of mining and how blockchain is integrated into the industry, there are still some challenges to be overcome, such as whether smart contracts will be drafted by lawyers or editors, and how to deal with different ownership laws. Special statement: the ICO projects in the blockchain industry are mixed, and the investment risk is extremely high; It is difficult to distinguish the authenticity of various digital currencies, and users need to invest carefully. This platform is only responsible for sharing information and does not constitute any special investment suggestions. All investment behaviors of users have nothing to do with this platform. (this article is from the Internet. If there is any infringement contact, please delete it.).
 
        
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