Blockchain News – IBM once again banks on blockchain technology

Blockchain technology is revolutionizing every industry. There are many IT companies as well as corporations which are relying on blockchain technology. The efficiency of blockchain technology is indeed increasing more and more corporates and multinationals. IBM is one of the strongest backers of blockchain technology. Once again, IBM is banking on blockchain technology to build proper supply management tools for the mining industry.

IBM once again banks on blockchain technology:

MineHub Technologies and IBM have partnered to create a proper supply management platform for the mining industry. IBM made the announcement on January 16. MineHub already uses the blockchain technology to ensure that the mining companies can run cost-effective operations. The new partnership with IBM will be built on the cloud-based blockchain platform of the company.

Deficiencies in the mining industry are on the higher side. According to some of the estimates, they are as high as $ 1.8 trillion. That is why it is time that companies start increasing their efficiency to reduce these losses. That is what precisely this platform will do. The problem is that the paperwork in the bureaucracy and red tape in the mining and metals industry is significant. There is no transparency. The lack of transparency coupled with the red tape is actually increasing the losses of the mining industry.

With the help of blockchain-based platform, each and every aspect of the mining industry like logistics, financing as well as data processing will be in the digital form. Digital format will save a lot of time. Not only time but with proper efficiency, a lot of costs will be saved as well. When that happens, the data, as well as the products, will move through the supply chain at a brisk pace. When the turnaround cycle is considerably lower, the cost of transportation and selling the products will be on the lower side. The overhead cost will be on the lower side.

With the help of proper automation and innovation using blockchain technology, it will be easier for mining companies to speed up their operations. Once the operations speed up, they will be able to quickly move the products at a faster pace through the entire supply chain. It also means that they can utilize their resources more effectively which will allow you to minimize the capital expenditure.

Thus, it seems like IBM has made the right choice to build a supply chain management tool for the mining industry.