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Mining & Metals Blockchain Platform MineHub Technologies Launches Contract Management Solution
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - MineHub Technologies Inc....
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"Mining & Metals Blockchain Platform MineHub Technologies Launches Contract Management SolutionVancouver, British Columbia--(Newsfile Corp. - November 24, 2021) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce the launch of its Contract Management solution for supply chain transactions. MineHub Contract Management is an enterprise application that digitalises and streamlines administration of key contracts and the associated shipment and transaction terms. The blockchain technology underlying the MineHub platform provides the contract parties with an immutable audit trail of proposed and agreed amendments, as well as a shared view of progress and performance of the contract between them. Arnoud Star Busmann, CEO at MineHub said: \"The MineHub platform has been designed to support the post trade operations of commodity supply chain transactions. Each one of these starts with a contract. If you have a large number of contracts with many different customers or suppliers, and multiple transactions or shipments under each contract - keeping track of it all in real-time is a task that begs for automation and digitalisation. That request has come through from our users loud and clear, so we are very excited that we can now offer this functionality.\" The vast majority of metals & mining transactions are based on annually negotiated term contracts. For instance, a steel mill will contract their supplier to deliver 10 million tons of a specific brand of iron ore over a 12 month period, with the contract stipulating number and schedule of shipments, volumes, pricing, specifications, payments, and logistics. Similarly, a copper cathode producer may have hundreds or thousands of term contracts with their customers, with monthly volume targets and several individual container shipments per month. Once contracts start, suppliers and customers continuously rekey information into individual purchase or sales orders, logistics, specifications, payment terms, etc. -as destination ports may change, specifications are off, containers are held up in customs, market prices change, payments are amended and/or different service and logistics providers are nominated. All of these changes need to be checked against the contract, variations need to be agreed and formalised between the parti...