Open Mineral – Bringing Blockchain To Minerals and Mining

Swiss minerals and metal trading platform has founded blockchain consortium for minerals trading and logistics.

Open Mineral

Open Mineral company was founded by the group of former experts of Glencore. The firm has started working with ConsenSys, Ethereum based start up for building Minerac platform.
According to Reuters, the project is focused on every part of the supply chain and logistics of mining and trading as well as shipping, surveying, warehousing and financing. Every step is going to be a separate node of the blockchain platform.

The Purpose

The project’s main goal is to get rid of current complicated paperwork and allow every party to get necessary updated information for every step of the process as well as exchange the data using blockchain smart contract.
The information about supply chain is going to be distributed within the network and it will allow it to be traced to help ensure that they are coming from compliant and conflict-free regions.

Open Mineral has been working on cutting out the middlemen for mining companies and smelters and saving cash on deals for concentrates since 2017.

In April Open Mineral received $2.5 million financial support.According to TechCrunch, this money was used for blockchain development.