Earlier this week, blockchain firm Insolar announced a partnership with Canadian miner Uranium One to explore distributed ledger technology (DLT) for the Uranium market. The research project aims to enable improvements in both the supply chain and commodity trade settlement.
Uranium One is a unit of Russia’s Rosatom, the state nuclear energy company, and is one of the top uranium miners in the world. Currently, much like the rest of the commodities market, uranium trade is conducted using paper. Hence it’s inefficient and time-consuming.
A majority of the world’s uranium is produced by Kazakhstan, Canada, Australia, and Namibia. Owing to the sensitive nature of uranium trade, miners and traders have to meticulously furnish documents for cross-border transactions. Insolar said blockchain could be an ‘ideal solution to provide a trusted and standardized format, including shared governance’.
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