Singapore – September 06, 2021 – Leading nickel mining company, Luminos Graha Group, is all set to wage a revolution in the nickel mining sector through the power of advanced blockchain technology. The company has developed a state-of-the-art blockchain-based nickel mining project, Luminos Mining Protocol, that is uniquely engineered to make nickel mining safer for workers, ensure quality certification for ores, and to keep transactions traceable.
LUMI is the native token of Luminos Mining Protocol.
Luminos Mining Protocol is a collaborative endeavor between Luminos Graha Group and Geneva Capital Singapore, a leading investment firm based in Singapore.
In an exclusive interview, the CEO of the company, Andri, shared that Luminos Mining Protocol has been developed to resolve the typical problems plaguing the nickel mining industry through incorporation of blockchain and smart contract applications into their mining operation.
Problems faced by contemporary nickel mining industry:
Poor ore quality – There is a growing scarcity of high-quality ore given that most of the new deposits are hard to access.
Health and safety hazards – Workers working in the nickel mining farms often have to operate in a hazardous situation.
Document manipulation is easy – It’s no hard work to manipulate confidential documents related to mining nickel. In the other words, the traditional mining industry never had any tool or process to prevent the unwanted alteration.
Complicated value chain – The traditional nickel mining chain is extremely complicated and suffers from limited coordination issues.
Andri explained how their state-of-the-art blockchain-based Luminos Mining Protocol will be able to help the nickel mining industry –
Easy traceability of transactions – Different operations in the mining industry tend to generate extensive volumes of information which is often extremely expensive and also difficult to manage. Luminos Mining Protocol aims to keep these transactions traceable and easily manageable through incorporation of blockchain technology.
Assurance of quality – The blockchain technology helps to secure transactions between the miner, customer and arbitrator, thereby preventing disputes about quality and price of the ore. From the first phase of the project, blockchain is leveraged to record fluid samples and movement of well-bore rock to ensure account of real-time data at every stage of delivery.
Easy track of materials in the supply value chain– Luminos cashes in on the advanced technology of blockchain to track materials used in the mining value chain- right from block to metal. It helps Luminos to ensure authenticity to the final customer.
Ore provenance – Giants like Apple strictly condemn malpractices like purchase of materials from conflict-affected zones, inadequate payment of workers, and no regard towards environmental-friendly operation standards. Luminos upholds the same sacred ethos. Powered by blockchain technology, Luminos verifies the operational processes and provides authentic information about every mining company.
Secure exchange – Luminos leverages blockchain technology to enable stakeholders to stay connected on a chain, thereby enabling a securing exchange of trade documents through the use of smart contracts.
Faster transaction – Luminos syncs in two major features of blockchain – synchronicity with immutability – to reduce dispute across the mining ecosystem which eventually speeds up the resolution process, if any.
Sustainability of Nickels:
End-to-end tracking of ore would require sealed containers stamped with a unique ID that would be logged on the blockchain. This ID will contain quality and quantity information of each parcel and also a real-time update, continuous timeline tracking and movement logs. This way, consumers could be certain of getting high-value Nickel and also be assured to have purchased Nickels from compliant and conflict-free regions.
“The advantages of blockchain far exceed the cryptocurrency industry and have a great role to scale up our nickel industry to greater heights in near future. Put simply, blockchain facilitates smoothening of supply chain management, assures more convenient third-party management, guarantees better transparency in operation, and ensures far better security for record-keeping compared to traditional bookkeeping methods.”
Luminos Graha Group has access to the mining concessions of 8 different mining sites in central Sulawasi. The company is looking forward to scaling up its mining operation in the year 2022 to successfully meet the rising global demand of nickel, especially after the boom of electrical vehicles, from companies such as Tesla and other EV manufacturers.
For more information, please visit https://luminosmining.com