Blockchain To Track Mining Shipments

Startup MineSpider using Blockchain to Track Shipments

Blockchain startup MineSpider revealed on 2019-04-25 that they’ll be releasing blockchain program that will help companies track the shipments of minerals across the globe. The mining industry has always been crucial to the industrial economy. Metals like gold or tungsten are used in high-tech planes, smartphones and computers. However, for decades the balances in place to track minerals from the mine to factor have been shady. Profits can go to terrorists, criminals and militias.

By using blockchain technologies, the information won’t be able to be deleted and it will be able to be expandable on an infinite level. This will let mines, shippers and factories all to add new entries on the same database. The program will have QR Codes for every sort of metal across every mine in the world, allowing for factories to know exactly where their metals came from and who shipped them.

MineSpider isn’t the only company that’s using blockchain technology to track 3TG (Precious Metals) across the world. Ford Motor Company has been working with IBM and LG has been using in-house technicians to create their own blockchain tracking tech. However, MineSpider has been able to attain a contract with Volkswagen AG. This car manufacturer will be one of the first to use Mine Spiders new platform.

However, systems using blockchain will need additional testing before mining companies can scale this tech. Mines will need to hire new employees or train prior ones on how to use the new systems. There have also been hacking issues in the past on blockchain platforms, which has caused doubt on if this is the right technology to run the new tracking program. Criminal hackers could find the locations of minerals being shipped and divert them to a new location if the platform was hackable.

MineSpider is currently speaking with two countries in West Africa to test their software. These countries have numerous mines that ship Gold, Tin, Tungsten and Silver. If shipping crime rates relating to these mines have dropped in six months time then Mine Spider will release the service worldwide.

Author: Tom Arran

Tom has over 10 years experience on crypto currencies, first mining bitcoin on an old university computer for 20 cents a coin to now day trading bitcoin in between helping to start whichbroker.com. Tom has previously held roles at a leading EU brokerage and provided insight and consultancy work for number of UK banks in Crypto. Tom Arran can be contacted at [email protected], View all posts by Tom Arran