Australian Miner Plans to Use Blockchain to Keep Shipment Under Check
Hastings Technology Metals Ltd., one of the leading rare earth metal miners in Australia, has decided to bring about a change in its supply chain platform by introducing blockchain technology into the system, for better transparency in the shipment of its raw materials.
The private company is planning to develop a decentralized, digital ledger for more transparency in its operational activities.
This solution would allow all the orders to be tracked easily along the supply chain. Every shipment would have its own QR code, Radio-frequency-identification (RFID) tag, and blockchain-based smart contract to verify and track the order’s source, ownership, weight, and quality. To add to that, advanced details such as metal composition, cost, and transaction history would also be tracked down.
RFID tags make use of radio signals for tracking and identification purposes. The tagging system consists of a tag, a read/write device, and an application on the host OS for collection, processing, and transmission of data.
The company said that the use of blockchain technology would not just protect the information from getting altered or modified but also make the operations faster by eliminating most of the major problems.
In case of theft/loss, it would be possible to track down the details of that particular shipment and find out where it all went wrong.
Additionally, the new software would help the company fulfill its social responsibilities under ISO 26000, by introducing transparency in its operations and keeping the quality of raw materials under check.
Charles Lew, Chairman of Hastings Technology, said that blockchain-based smart contracts would promote ethical mining, increase environmental awareness, and provide necessary information like the source of origin of metals.
He added that this could prove to be a game-changer in current supply chain industry, and change supply chain relationships for good.