Australia based Hastings Technology Metals disclosed its intention of using blockchain technology for its supply chain platform. The rare earth metals miner is pinning its hopes on boosting the transparency of its shipments between the mine and the market. This is one more instance of how the new age technology is gaining traction beyond the fintech sector. The move also suggested that the technology is not restricted to only cryptocurrency market. The latest attempt also indicated about the potentials of its disruption in various sectors in the upcoming years.
Develop Decentralized Digital Ledger
Hastings Technology Metals intends to create an open and decentralized digital ledger. This would be deployed throughout its operational network, itnews.com reported. The company plans to use Radio Frequency Identification (RFID) tags, smart contracts, and QR codes apart from the Internet of Things (IoT) for every shipment. This would allow them to track material source proof and ownership of the physical product. The key aspect is that physical properties like composition, weight, date and time would not only be recorded but also stored in the RFID.
The company would also make use of the blockchain technology for digital smart contracts. This would enable it to offer transaction history and reliable pricing data. As a result, there will be additional levels of efficiency and transparency, abnnewswire disclosed. The software code would allow verification or enforcement of the contractual agreement performance. The objective is to ensure that contractual obligations are met. The company indicated that it would update the market on its progress on the platform that it is creating.
The Australian miner thinks that the nature of indelible Blockchain will be advantageous to it. That is because the company believes that the digital contracts could not be altered or tampered with. The implementation of the new age technology solution would also enable it to resolve any issues surrounding the supply chain.
Hastings also believes that the solution could be much use when it comes to handling the issues of missing or transit damages. The company could easily check the ledger and see how the shipment was managed at every stage during the process of the supply chain. The mining firm disclosed that the technology could come in handy to meet the social responsibility obligations. That is based on ISO 26000 for improving not only the quality controls but also the transparency.
The Australian company stated that the new solution would be executed at its Yangibana mine and Western Australia’s processing unit. The latter is still in the development process. As far as the executive chairman of the company, Charles Lew, is concerned, the blockchain-related solution would become a game changer in the supply chain management.
He pointed out that the technology would allow the company to meet demands from different sectors. This included environmental awareness, ethical mining, and origin of the raw material source. The company appears to bet that effective supply chain could lead to increased orders.