The precious metals dgital company cakked Wheaton Precious Metals is planning to use blockchain technology in order to facilitate its processes for metal accounting. This development is according to a press release from June 12, 2019. Wheaton Precious Metals has hired a software company called Blockhead Technologies so that it can use its blockchain type platform called STAMP. This platform is meant to simplify metal accounting processes. IN particular, the platform promises that users will be able to track and source their certifications into mining value chains. When a trader uses the platform, Wheaton Precious Metals should be able to boost the processes for data management and perform analysis on the data that is collected.
Wheaton Precious Metals is one of the largest precious streaming companies for metals in the world. In quarter four of 2018, Wheaton Precious Metals is reported to have generated almost $110 million in cash flow for its operations. This brings its total cash flow for operations in the fiscal year to $475 million. In fiscal year 2018, Wheaton Precious Metals produced 14,000 ounces of palladium, 24,000,000 solid ounces of silver and 370,000 ounces of gold.
Some of the other consumers and producers of metals around the globe have also managed to integrate blockchain into their internal processes for trading. In April 2019, Volkswagen even joined a blockchain scheme in order to ensure that the sourcing of the cobalt used in its lithium ion batteries in its electric cars is from sustainable and ethical locations.
In January 2019, tech giant IBM partnered with a firm called MineHub Technologies in order to set up a blockchain solution that will give a boost to its supply chain management in the metals and mining industries. This product is set up to increase the level of automation in processes and to lower the reliance on middlemen. It is also meant to increase the speed of delivery of goods to the end buyers.
In September, Hong Kong jewelry seller Tai Fook recorded some of its diamonds on a digital ledger developed in a blockchain process. This allows for authentication of stones.