Is the mining industry ready for the new era of blockchain?

Credit: https://www.superdatascience.com/podcast-learn-blockchain/

Operational processes of mining are always considered as simple and straight forwarded. Mining companies still follow the traditional way of working, but in future, it will not operate the ways it used to be. The advent of blockchain technologies has a significant impact on the overall process of the mining industries.

Role of mining is increasing rapidly in the social and technology ecosystem, these ecosystems are getting complex day by day and handling such a vast and complex system is not possible with traditional approach and technology.
Disruption is happening in almost every stage of the mining industry. For example, Robotic and AI is used to handle complex logic and fast turnaround of queries and clarifications, and blockchain reduces the cost, influence the mining processes and enhance the product specialization.

Mining experts are analyzing the overall cost for the large scale setup of mining industries, and blockchain technologies are providing fast-paced disruptive options for this. The blockchain is a revolutionary technology that allows to maintain the growing list of records and secure them from tampering and revision.

In the future, one of the main challenges for miners would be to give greater consideration to the needs of consumers and other stakeholders. Consider an example of an electric car, we have seen that the demand of electric cars is increasing, and when we figured out that, certain parts of electric cars require mining of metals, such as copper. According to Mikhail Avdeev, “Cuprum will be the first blockchain based company who will fill the gap of growing need of copper mining.”

Initially, blockchain was designed to create the digital currency - bitcoin, which is now used by myriad applications, such as providing payment solutions, manufacturing and assurance. Now, blockchain is used for mining product such as diamond, gold copper etc. with imprinted details about verifying the quality and authenticity of the product. This is helping to overcome the issues related to fraud and theft.

Moreover, blockchain is also being used for complex supply chain products to track the origin of the product. From the miner’s perspective, it also gives relief if the operating region is not regulated.

To recapitulate, blockchain is not only used to lean the process, it is also used to take the advantage of how and where to invest.