Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes


Precious metals streaming firm Wheaton Precious Metals (WPM) will use blockchain expertise to facilitate its steel accounting processes, mining.com reported on June 12.

WPM has reportedly employed software program firm Blockhead Technologies to deploy its blockchain-based platform STAMP to streamline steel accounting processes. Specifically, the platform purportedly allows its customers to trace and supply certification into mining worth chains. By utilizing the platform, WPM goals to spice up information administration processes and conduct information evaluation.

WPM is without doubt one of the world’s largest valuable metals streaming firms. In the fourth quarter of 2018, WPM reportedly generated almost $110 million in working money move, bringing complete working money move for the yr to over $475 million. The firm produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.

Some different main producers and customers of metals world wide have additionally built-in blockchain into their inside processes. In April, Volkswagen joined a blockchain-powered scheme to make sure the cobalt utilized in lithium-ion batteries for its electrical automobiles is responsibly sourced.

In January, IBM partnered with MineHub Technologies to ship a blockchain resolution that can enhance provide chain administration within the mining and metals business. The product is about to “enhance the extent of automation, cut back reliance on intermediaries and enhance the pace at which items are transferred from miners to finish consumers.”

As reported final September, Hong Kong-based jewellery retailer Chow Tai Fook reportedly put data of a few of its diamonds on a distributed leger developed by blockchain startup Everledger and secured by the IBM Blockchain Platform. This will reportedly allow the retailer’s clients to determine the origin and authenticity of gems bought in its T Mark-branded shops.

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