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There is still the risk that cobalt mined by children could get mixed up with ‘clean’ cobalt before being bagged, tagged and sent for processing. Credit: Courtesy of images-of-elements.com Blockchain is a continuously growing list of records logged in a decentralised, immutable, cryptographically secured online ledger.

For blockchain technology to be valuable in any supply chain it must truly reflect what is happing in the real world. Blockchain is a continuously growing list of records logged in a decentralised, immutable, cryptographically secured online ledger.

All information recorded on the platform is peer-to-peer validated and therefore can’t be corrupted without others quickly becoming aware. One of the main benefits of blockchain – a process developed more than a decade ago as a public transaction ledger for bitcoin – is that it creates a secure audit trail that builds inherent trust into processes or transactions.

In the mining context the technology could be used to record many different things, such as personnel entering and exiting a mine site, the movement of commodities, financial transactions or even creating smart contracts between two entities. However, so far, the biggest game-changer blockchain promises the sector is improving transparency in the supply chain, namely, tracking and tracing precious gems and important minerals, including diamonds, tin, tungsten and cobalt. Read more from mining-technology.com…

thumbnail courtesy of mining-technology.com