The absence of an effective global mineral data exchange and cumbersome Government bureaucracies for managing tenement rights as two examples of how mining is still stuck in models that have their roots in the nineteenth century according to Grant Lenaarts, CEO of Mineral Assurance – an Australian start-up keen to start bringing the power of blockchain to the global mining industry.
“While the world has been transformed by new technologies such as the internet and the blockchain, mining has continued to do business slower and more expensively than is necessary.
“There is no reason technically why licences can’t be issued instantly, royalties paid automatically, and all tenement rights information is accessible to everyone at all times”, said the data technology expert at the International Mining and Resources Conference (IMARC) in Melbourne.
Mineral Assurance are challenging the issue head on by developing a suite of offerings aimed at transforming the industry. From raising funds for mine development projects to creating a global mineral resource index, the company is offering alternatives to “business as usual”.
The emerging global mining platform is using innovative technologies such as blockchain-based “smart contracts” to re-invent standard business processes for the mining industry.
“I really don’t see why the mining industry should miss out on the incredible advantages being realised today by emerging technologies. In the new digital world, those who wait, miss out,” added Mr Lenaarts.
While blockchain is still in its infancy in mining, it seems to be still a topical issue, as specialists continue to grapple with the possible risks and opportunities for the industry.
“There’s certainly no shortage of discussion, just little action”, he said.