Minery, a Brazilian mineral commodity trading platform, adopted Minespider’s blockchain for tracing minerals and data. The platform includes a certification process and offers transparency that will ultimately reduce the fees involved in mineral trading, Minery said.
Minespider’s blockchain is used by miners, such as Minsur and LuNa Smelter, to create digital IDs called Product Passports for tracking purposes. The passports contain information on provenance, due diligence and carbon emissions. Customers can use Minespider’s API so the blockchain records and information can be assimilated by other software or in other business processes.
Among other things, blockchain will allow traders to know where metals came from and the conditions under which they were produced. It and the platform could help level the playing field by enabling small and midtier miners to sell more efficiently on the global market.