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Here’s How Blockchain Will Remove Inefficiencies in Global Mining Supply Chains

A report announced yesterday by White & Case claim that blockchain technology could contribute to improving transparency and remove shortcomings from the global mining chain. It states that the industry ‘s involvement in the inclusion of blockchain is a matter of when, not of if. Rebecca Campbell and Andrzej Omietanski authored the report called. “Digitalising the mining & metals global supply chain: Rise of blockchain and the smart contract,” it focuses on various ways that the supply chain of various mining materials could benefit from blockchain tech.
Although the definition of both blockchain technologies and smart contracts are offered up before any of the related technology, which may affect the mining industry. The Author states that:
“With today’s pressured margins, inflationary costs and murmurs that the hard-won productivity gains of recent times may be eroding mining companies are looking for ways to improve efficiencies.”
Then they subsequently state that using blockchain technology to track mining behavior could increase transparency in the industry, as well as eradicating fraud.
Meanwhile, in the section dedicated to smart contract technology, the authors state that blockchain-based contracts could be used to fund mining operations in much the same way as they have been used to fund various companies using initial coin offerings (ICOs) or by helping to alleviate disputes between parties: “Moving contracts onto a blockchain will not in itself prevent disputes, but it may help arrive at a mathematically certain set of facts, which could be used to prove a chain of events with a high degree of certainty in the event of a later dispute”.
The report then addresses different challenges that the technology meets and smart technology face before it is widely adopted in the mining industry. One of the main concerns of authors is whether they have a job in this form for lawyers or computer scientists. the recent case of the eosbet smart contract suggests the fact that maybe it would be better to employ a slight mix of experts. Whilst the White & Case report seems optimistic about the use of blockchain in the monitoring of global supply chains, the CEO of Tradeshift stated this week that the technology is by no means ready for the kind of scale required for such tasks.
Christian Lanng believes that innovation might have a dramatic impact on the supply chain operation. However, he is likely to conclude that it will only take off during the next five years, rather than the urgency of the document, instead of the case exposed in this report.

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