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Blockchain: Radically Changing The Mining Paradigm

http://www.digitalistmag.com/digital-supply-networks/2017/09/27/blockchain-radically-changing-mining-paradigm-05384206

How can blockchain help the mining industry?
There are many areas where blockchain can help the mining companies, including:

1. Improved cybersecurity

According to a report published by security firm Trend Micro, 22 mining companies have reported major cyber-attacks since 2010. These attacks aimed to steal intellectual property and other proprietary information, which can be devastating for any company.

A 2016 Symantec Security report revealed that mining is the number-one industry receiving spam email, and one of three spam emails includes a virus. Blockchain, as a distributed digital ledger, reduces the impact of hacking company-wide by limiting it to only the affected block. Blockchain keeps a record of every transaction and safely encrypts that information without third-party intervention, thereby reducing exposure of data to hackers.

2. Increased transparency with smart contracts

Smart contracts implemented on a blockchain improve transparency between buyers and sellers as goods are tracked in real time from their origin, reducing the chance of fraud, ensuring tracability and transparency, and improving logistics visibility and supply chain quality.

Blockchain can end payment gaps by incorporating delivery and payment in digital contracts and integrating it with logistics partners and banks. Once proof of delivery is received from the logistics team, automatic invoicing and payment can be initiated.

3. Better visibility into supply chain

Blockchain offers more visibility into the supply chain, making procurement and delivery simpler, more accurate, and more reliable. The digital ledger integrates data from all vendors and suppliers across the network, giving a complete picture of the supply chain in real time.

Blockchain brings transparency to the extent that no piece of inventory can exist in the same place at any given point. Transaction status is updated in real time, with full traceability back to the point of origin.

Conclusion
Blockchain technology can radically change transactions by cutting costs to support leaner organizations and increased security. It is a game-changer that offers three major features: security, immutability, and accountability. Blockchain is slowly but surely set to radically change the mining paradigm.

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