IBM and MineHub Aim To Revolutionize the Mining Industry
17 Januar 2019 - 7:41PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
January 17, 2019 -- ADVFN Crypto NewsWire -- The global mining
industry is fraught with weaknesses that slow down its
progress.
A report yesterday from
Cointelegraph estimates that wastefulness in the space ranges from
a heavy reliance on paper-based processes to manual instead of
machine-based data processing and beyond. If these areas were
improved, then the industry might rise above its’ current value,
which could stand anywhere between $600 billion and $1.8 trillion,
according to different sources.
Judging by the previously mentioned
article from Cointelegraph, one particular blockchain-based
solution might be the one to do this. Reportedly, IBM has connected
with a company called MineHub Technologies that aims to “digitize
the mining & metals industry,” to help them fulfill their goal
using the blockchain.
On MineHub’s main website, they
estimate that doing this will result in $320 billion in new value
for the global mining industry. If you are questioning how this
possible, the answer lies in creating a solution that will allow
mining companies to digitize their supply chains with the help of
the blockchain. What this boils down to is the blockchain’s core
use case as an immutable ledger.
If all of a company’s supply chain
data was consistently available in real-time in a way that
illustrates every step of the production process unquestionably,
then the industry would be far ahead of where it is today.
Implementing such a solution however, will not be easy. As with any
blockchain network, it will only gain value if enough users in its’
target market adopt it. As this particular partnership has the goal
of creating an industry standard, reaching this point will be even
more difficult.
Network effects reign supreme and
are nearly impossible to harness in this case without the approval
of almost every major industry player. Because of this, educating
these players with hard data on the improvements that adopting this
technology will bring is key.
By: BGN Editorial Staff
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