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Commodities Exchange Open Mineral To Develop Blockchain-based Mineral Trading


Cloud-based commodities exchange Open Mineral has partnered blockchain technology firm ConsenSys to develop a new Ethereum platform "Minerac" aiming to disrupt the highly traditional commodities trading marketplace using blockchain technology.

"Commodity trading transactions involve multiple parties, located in different jurisdictions. Logistics are complex, financing is difficult to acquire and the entire process is very paper heavy. Thus, the industry is primed for blockchain disruption to simplify the trading process, increase efficiency and profitability," said Boris Eykher, CEO Open Mineral.

The platform is expected to bring the mineral and metals industry together and help miners, smelters, financiers or banks and service providers benefit from the digitization of their records.

The project will be incubated out of ConsenSys Energy and Natural Resources group, a team within ConsenSys Solutions, in partnership with Open Mineral.

Minerac will allow stakeholders to securely exchange critical trade documents, such as bills of lading and letters of credit, via the use of smart contracts.

Open Mineral is a platform for direct concentrate trade between mines and smelters. It has more than 100 members worldwide including mines, smelters, financiers and service providers.

ConsenSys is a venture production studio building decentralized applications and various developer and end-user tools for blockchain ecosystems, primarily focused on Ethereum. It founder Joseph Lubin is also the co-founder of the Swiss-based decentralized cryptocurrency platform Ethereum.

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