Recent advances in blockchain technology: prospects, applications and constraints in the minerals industry

Abstract

One of the most important sectors of the world economy is the mining and metals sector. Although, many operational and commercial procedures continue to be ineffective and out-of-date, which results in crucial data omissions, security flaws, and sometimes corruption. Given that the mining industry wants to increase the emphasis on ethical and open mining practices, the industry has been looking for ways to incorporate these practices. It is envisioned that such practices will contribute to the modernisation of supply chains in addition to helping to reduce risks related to sustainability and reputation. The application of blockchain technology in the minerals industry capable of tracking natural resources has been discussed in this study, giving a much-needed layer of transparency of this technology. However, there are a lot of difficulties and problems that come up when thinking about blockchain technology; if it is to advance as an industry standard, stakeholders will need to evaluate the usefulness and scalability of the technology. While blockchain technology can be applied to a wide range of areas in the minerals industry, this study shines more light on the application of this technology to conflict minerals tracking, mineral resources reporting cheating scandals, rock mechanics designs and monitoring strategy, blasting designs and operation, mine ventilation designs and applications, mining machinery maintenance and management, and mining surveying. The study reveals that blockchain technology is starting to be seriously evaluated and used by a variety of stakeholders, even though broad acceptance has not yet been attained.