Canadian company Uranium One, a subsidiary of the Russian State Owned company Rosatom, has signed an agreement with blockchain platform for business Insolar to explore ways to bring transparency and efficiency to uranium market with distributed ledger technology.
Uranium One and Insolar partnership will be reportedly focused on developing the blockchain solution for improving uranium value chain efficiency, enhancing compliance and reliability in the whole sector.
Uranium market is still one of the markets where even complicated multi-party deals involving different jurisdictions are being conducted on paper. That is why implementing smart contracts could help bring a new level of transparency and efficiency.
According to Insolar representative, the full launch could take a couple of years, but the pilot project is expected to be launched already this year.
Uranium is not the only company attempting to streamline value chain in the mining and metals industry. For example, in January MineHub Technologies signed a deal with IBM for developing blockchain platform.