- MineHub Technologies (MHUB) has launched a contract management solution that will streamline supply chain transactions
- The new technology will allow both customers and suppliers to navigate contract negotiations by automating labour-intensive processes
- It can be used as a standalone product or integrated with previously-installed platforms
- Minehub Technologies is a technology company focused on improving efficiency in the mining and metals supply chain
- Shares in MineHub Technologies Inc. (MHUB) are don 7.69 per cent, trading at $1.20 per share
MineHub Technologies (MHUB) has launched a contract management solution that will streamline supply chain transactions.
The blockchain technology underlying the MineHub Contract Management platform provides the contract parties with an immutable audit trail of proposed and agreed amendments, as well as a shared view of the progress and performance of the contract between them.
Many metals and mining transactions are based on annually negotiated term contracts. For instance, a steel mill will contract its supplier to deliver 10 million tons of a specific brand of iron ore over a 12 month period, with the contract stipulating the number and schedule of shipments, volumes, pricing, specifications, payments, and logistics.
Aimed at these metals and mining companies, the new technology will allow both customers and suppliers to navigate contract negotiations by automating labour-intensive processes such as payment terms, shipments, and logistics.
The MineHub Contract Management solution will therefore enable operations teams of buyers and sellers to spend less time and effort on processing, finding and checking information, and more time using the data to improve the performance of the contracts.
The solution can be used as a standalone product or integrated with previously-installed platforms.
Arnoud Star Busmann, MineHub CEO, commented on the new technology.
“The MineHub platform has been designed to support the post trade operations of commodity supply chain transactions,” he remarked.
“If you have a large number of contracts with many different customers or suppliers, and multiple transactions or shipments under each contract,” he added, “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.”
Minehub Technologies is a technology company focused on improving efficiency in the mining and metals supply chain.
Shares in MineHub Technologies Inc. (MHUB) are don 7.69 per cent, trading at $1.20 per share as of 12:14 pm EST.