ConsenSys and Open Mineral Join Forces to Launch New Ethereum Platform Minerac With the Objective of Fundamentally Changing the Way Minerals and Metals Are Traded

NEW YORK, July 9, 2018 /PRNewswire/ — Blockchain venture studio ConsenSys and cloud-based metal concentrates exchange Open Mineral, announced a joint venture establishing Minerac, a blockchain consortium set on changing the way mineral commodities trading and connected supply chains operate. A number of mining companies and financial institutions will also join as stakeholders and collaborators. The mining and metals industry is a critical component of the global economy, however, many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, and even corruption. These inefficiencies can be eliminated with blockchain, an immutable and cryptographically secure archive of records stored on a distributed ledger, by using smart contracts built on the Ethereum platform. Minerac will allow stakeholders to securely exchange critical trade documents, such as bills of lading and letters of credit, via the use of smart contracts. “Commodity trading transactions involve multiple parties, located in different jurisdictions. Logistics are complex, financing is difficult to acquire and the entire process is very paper heavy. Thus, the industry is primed for blockchain disruption to simplify the trading process, increase efficiency and profitability.” – Boris Eykher, CEO Open Mineral Beyond mining and metals, blockchain solutions are applicable to… continue reading

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