Blockchain Technology for Supply Chain Traceability, Transparency and Data Provenance

Abstract

The mining and metals industry is a critical component of the global economy. However, many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, and even corruption. Mining supply chain faces several challenges like traceability, transparency, interoperability between supplier platforms and so on. Traditional systems are inefficient and hence this paper explores the use of an emerging digital technology named blockchain. The blockchain is a distributed digital ledger that keeps a record of every transaction securely and reliably without the need of third parties that reduces the exposure of the data to hackers. Blockchain technology improves productivity by replacing the standard contract with smart contracts. This paper outlines several key applications of blockchain for the mining industry.