Earlier this week, blockchain firm Insolar announced a partnership with Canadian miner Uranium One to explore distributed ledger technology (DLT) for the Uranium market. The research project aims to enable improvements in both the supply chain and commodity trade settlement.
Uranium One is a unit of Russia’s Rosatom, the state nuclear energy company, and is one of the top uranium miners in the world. Currently, much like the rest of the commodities market, uranium trade is conducted using paper. Hence it’s inefficient and time-consuming.
A majority of the world’s uranium is produced by Kazakhstan, Canada, Australia, and Namibia. Owing to the sensitive nature of uranium trade, miners and traders have to meticulously furnish documents for cross-border transactions. Insolar said blockchain could be an ‘ideal solution to provide a trusted and standardized format, including shared governance’.
are exploring the potential that implementation of novel technologies
can offer in very specific areas of our operations,” said Fletcher
Newton, President of Uranium One Americas.
blockchain platform with advanced capabilities can significantly
simplify trading activities in the market, meeting the increased
requirements of market participants for security,” said Andrey
Zhulin, CEO of Insolar.
Insolar is an open-source blockchain platform and serves businesses
in the supply chain and logistics, energy, retail and automotive
by a group of Russians, it ran an ICO in late December 2017 in which
it raised $45
million. In February this year it launched its public Mainnet.
The company’s blockchain solution can be deployed as a public or private network.
year, Ledger Insight reported that
Insolar was integrating its blockchain platform with the
services of Microsoft and Oracle.
Blockchain is revolutionizing commodity markets by providing a better audit trail and…