To deliver the greatest impacts — creating new business models, markets and value propositions — IoT must be combined with other emerging technologies including artificial intelligence (AI), machine learning, fog computing and, of course, blockchain.
Though cryptocurrencies and blockchain-based technologies are heralded as the framework to build a more financially inclusive society, this goal has not been realized to date. It can actually be argued that blockchain technology is a tool for those who are economically privileged, in part due to the technical understanding most blockchain-based technology currently requires.
The integrity of the data is paramount and innovative tagging methodologies are required. Any technology solutions we use also have to be able to work in remote environments and be feasible for all kinds of mining operations, particularly artisanal and small-scale mines.
Using blockchain won’t solve every issue, but it can be a powerful tool to overcome many minerals supply chain challenges because it provides trust, immutability, and transparency.
Using blockchain technology, IoT practitioners can bring transparency and security to these decentralized transactions across operations and even borders. Now, all parties know they are looking at a single source of truth and can make more informed business decisions that ultimately impact their bottom line.