The new framework will be based on IBM’s cloud platform and is powered by the Linux Foundation’s Hyperledger Fabric.
Through this partnership with MineHub Technologies, the firm aims to implement cost-saving applications in the supply chain management framework. The global mining industry, valued at $1.8 Trillion, has been traditionally been plagued with inefficiencies due to age-old practices inherent in the system. The digitization and democratization of these frameworks will potentially lead to increased efficiency and transparency.
InWara’s data suggests that Blockchain technology is impacting traditional industries which have been known to be slow to adapt to new practices.
Blockchain’s impact on Supply chain
Supply chain solutions for the Mining industry is the newest member adoption amongst industries poised to be impacted by blockchain technology. These industries have traditionally suffered from inefficiencies and cost overruns. The advantage of blockchain technology is in the increased level of automation, of legacy processes.
According to InWara out of 61 companies that conducted ICOs so far in supply chain management, only 10 are listed on exchanges.
Despite addressing legacy industries the failure rate in ICOs has been low. Supply chain management sector has a failure rate of 16.39% closely followed by environment and automobile sectors at 11.1% and 9.3%.
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