Jun 13, 2019 07:59 UTC
Jun 13, 2019 at 07:59 UTC
Blockchain To Be Deployed In Metal Accounting Process
Wheaton Precious Metals (WPM), a well known precious metals streaming company is using blockchain technology in a unique manner. According to mining.com, the company is all set to integrate blockchain in its metal accounting processes.
WPM is currently one of the largest precious metals streaming companies in the world, having generated nearly $110 million in operating cash flow. It has hired Blockhead Technologies to facilitate this process of blockchain integration in their operations. Blockhead’s STAMP platform will be used for the purpose of streamlining the metal accounting processes.
Blockchain is known for its ability to track and verify the source of any product. This blockchain-based platform similarly enables its users to track and locate certification into mining value chains. This platform would assist in data analysis and help with data management processes. A technology like blockchain is on the rise primarily because of its ability to ensure the credibility of products, and that is what is driving its growth and acceptance in the market.
WPM produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium in the year 2018. The total operating cash flow for the year was around $475 million.
Energy and metal producers have been opening their businesses to blockchain, in the hopes of greater efficiency, transparency and convenience. In April, Volkswagen joined a blockchain-powered scheme to ensure that the cobalt used in lithium-ion batteries for its electric vehicles is authentically sourced.
This is a positive move towards greater acceptance of blockchain technology in the energy sector. We, as blockchain enthusiasts really commend this attempt to trace authenticity of products using blockchain technology, which has immense potential to eliminate counterfeiting in the market.