Uranium One and Insolar Cooperate to Project a Blockchain-Based Solution for Uranium Markets

 

Leading uranium producer Uranium One cooperates with startup Insolar to project a blockchain-based solution for uranium and energy markets.

This cooperation has an intention to focus on the uranium production and distribution improvement, as the industry deals that have multiple parts are still conducted by “using paper and pencil.”

Both companies consider the blockchain integration into uranium producers’ internal processes as a way to make uranium supply chains more transparent. Uranium One believes that blockchain will improve the security, observance as well as reliability in this sphere.

Parties have already discussed a pilot program for the project and it can be launched later this year, and the complete project is expected to be launched next year, Cointelegraph reports.

In addition, Insolar is intended to research blockchain for iron ore. The startup’s DLT-based platform could reduce the over-the-counter deal cycle from months to weeks also decreasing transaction costs by 40%, which is equal billions of dollars per year.

Insolar underlined the need for a decentralized system for parties where no single party exercises control.

Other companies in the minerals trading sphere have also examined blockchain’s capabilities to reduce third parties, saving money as well as time on deals. A recent cooperation between IBM and firm MineHub Technologies will design a blockchain-based solution to streamline supply chain management in the mining and metals industry.

 

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