ConsenSys and Open Mineral join forces to launch pioneering new Ethereum project Minerac with the objective of fundamentally changing the way minerals and metals are traded.

Minerac’s vision is to create a secured, trusted, and seamless global mineral trading ecosystem on blockchain. Minerac brings the mineral and metals industry together by helping to develop smarter processes to better share information, increasing efficiency and profitability.

“Minerac will offer a solution where all parties involved in the supply chain will benefit from digitization, secure data collection, the seamless exchange of data and immutability of their records, made possible by the Ethereum platform.” – Joseph Lubin, co-Founder of Ethereum and founder of ConsenSys

Leveraging blockchain technology, Minerac:

  • Enables parties that do not know each other to efficiently swap information in confidence. Digital document exchanges and all communication records, are securely connected to a corresponding transaction.
  • Allows all stakeholders to manage their post-trade operations through a single platform. Logistical operations will also be optimized.
  • Delivers a single, secure source of validity. This reduces time spent on data exchanges, manual reconciliation, and 3rd party verification through a synchronized and decentralized network.
  • Provides full trade finance solutions by interconnecting with leading trade finance platforms on the Ethereum network.
  • Provide stakeholders with significant post-trade efficiency gains and trade finance savings

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