The major precious metals streaming company, Wheaton Precious Metals will make use of blockchain technology on its platform. The company has recruited a tech firm Blockhead Technologies for this purpose. This company provides blockchain-powered solutions for global mining firms.
Blockhead Technologies will use its blockchain-based platform STAMP to enhance the metal accounting processes. The users will be able to track and source certification into mining value chains. STAMP streamlines the data management process with greater control. It can also join any system with a supply chain.
The firm intends to use this technology and boost its data accounting process and data analysis. Last year, Wheaton Precious Metals has produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.
Recently, some other major firms are also taking blockchain technology into account. Target, a US-based retail giant launched its blockchain based supply chain tracking. Lenzing, one of the world’s foremost fiber producing country is also going to embrace blockchain. it will set up a blockchain tracking system for its supply chain of fiber.