Blockchain venture studio ConsenSys and cloud-based metal concentrates exchange Open Mineral announced a joint venture, establishing Minerac, a blockchain consortium designed to facilitate mineral commodities trading and connected supply chains, Open Mineral reported. A number of mining companies and financial institutions will also join as stakeholders. 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, Open Mineral reported. Because the ledger will be shared, all parties involved in a transaction can be confident that all data is up-to-date, which will reduce errors and create greater overall transparency, eliminating the potential for bad actors to take advantage of loose record keeping, the company reported.
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