Precious metals streaming company Wheaton Precious Metals (WPM) can use blockchain technology to facilitate its metal accounting processes, mining.com reported on June 12.
WPM has reportedly employed software company blockhead Technologies to deploy its blockchain-based platform STAMP to contour metal accounting processes. Specifically, the platform supposedly permits its users to trace and source certification into mining price chains. By using the platform, WPM aims to spice up data management processes and conduct data analysis.
WPM is one among the world's largest precious metals streaming corporations. within the fourth quarter of 2018, words per minute reportedly generated nearly $110 million in in operation cash flow, bringing total operating cash flow for the year to over $475 million. the corporate made over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.
Some other major producers and customers of metals round the world have conjointly integrated blockchain into their internal processes. In April, Volkswagen joined a blockchain-powered theme to make sure the metal utilized in lithium-ion batteries for its electrical vehicles is responsibly sourced.
In January, IBM partnered with MineHub Technologies to deliver a blockchain resolution that may improve supply chain management within the mining and metals business. the product is ready to “increase the amount of automation, cut back reliance on intermediaries and increase the speed at that product are transferred from miners to finish consumers.”
As reportable last Sep, Hong Kong-based jewellery retailer Chow Tai Fook reportedly put records of some of its diamonds on a distributed leger developed by blockchainstartupEverledger and secured by the IBM Blockchain Platform. this may reportedly change the retailer’s customers to determine the origin and authenticity of gems sold in its T Mark-branded stores.
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