Today MineHub announced its partnership with commodity trading technology firm Amphora for streamlining the digitization of the metals and mining industry. Vancouver based MineHub has developed a blockchain platform for automating the metals supply chain, due to go live next month.
The firm already boasts deals with mining companies such as Goldcorp, Capstone, Wheaton, and Ocean Partners, along with Amsterdam based ING Bank for the financial side. Today it was revealed that MineHub now counts Amphora as a technology partner.
“This partnership will be an important milestone for us as it demonstrates how open the MineHub platform is, allowing us to integrate seamlessly with both technology partners and clients,” said MineHub’s CEO Arnoud Star Busmann.
MineHub was founded last year as an offshoot of Kutcho Copper to address the outdated processes in the metals supply chain. The company claims that the industry is heavily reliant on paper documents, which leads to inefficient and costly settlements.
With blockchain technology, MineHub hopes to address these issues while committing to sustainability and security. The firm’s platform is based on the HyperLedger Fabric framework and was built with IBM’s cloud-based solution.
Chris Mudry, the CEO of Amphora, stated: “Amphora already serves some significant players in metals and mining. Consensus tells that there are significant opportunities for improvement in the value chain. We believe that Minehub have the right backing to create a digitized supply chain and effect long overdue change.”
Amphora is a player in the energy industry for its risk and commodity software solutions, including coal, metals and oil. Indeed, Amphora has partnered with another blockchain platform, VAKT which provides a post-trade solution for oil.
MineHub’s CEO Busmann was also the project director for VAKT when he was the innovation lead at ING Bank’s commodities arm. The same department kickstarted trade finance blockchain Komgo, which went live last year with ING as an investor. It enables trade finance for VAKT transactions, and the two platforms are integrated.