Tanya Matveeva

Is blockchain on your to-do list? It should be.

As we are in quarantine, now is a great time to learn about the technology that is actively penetrating every area of economic activity and life. It is now long overdue that people in the mining world understand that blockchain is not about cryptocurrencies only, but indeed, a paradigm shift for the entire world economy. And it is happening very quickly. As major car and electronics manufacturers demand transparency of their supply chains, many start-ups all over the globe are rising to the challenge to provide a solution – tracing the metal movement from the mine, through processing, trader and all the way to the manufacturer. There are many difficulties, but, as philosophy goes – they are challenges to overcome, and not a show-stoppers. De Beers and Alrosa diamonds are now being successfully tracked on major blockchain platforms. For tin, cobalt and gold multiple blockchain-based solutions have been developed by established miners and traders but also by small-scale miners. The beauty of blockchain-based solutions is that they are very scalable and can be implemented quickly. We don’t even need to re-invent this bicycle to ride it – we can look at other industries, understand what processes they are using and how they are similar to ours, and implement what worked for them. In real estate blockchain helps to track properties as they pass from owner to owner – our exploration and mining licenses are our properties – so logical solution – look what real estate is doing – adjust – implement. Many construction companies are implementing smart contracts based on blockchain. Our mines are big construction projects – look what is being done, adjust, implement. Blockchain technology is out there ready to go. It is up to us, experienced miners, to educate ourselves and work with technology developers. Don’t just get ready, miners. Do it.