Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes

Precious metals streaming company Wheaton Precious Metals will use blockchain technology to facilitate its metal accounting processes, mining.com reported on June 12.

WPM has reportedly hired software company Blockhead Technologies to deploy its blockchain-based platform STAMP to streamline metal accounting processes.

Specifically, the platform purportedly enables its users to track and source certification into mining value chains.

By using the platform, WPM aims to boost data management processes and conduct data analysis.

WPM is one of the world's largest precious metals streaming companies.

In the fourth quarter of 2018, WPM reportedly generated nearly $110 million in operating cash flow, bringing total operating cash flow for the year to over $475 million.

The company produced over 370,000 ounces of gold, 24 million ounces of silver and 14,000 ounces of palladium.

Some other major producers and consumers of metals around the world have also integrated blockchain into their internal processes.

In January, IBM partnered with MineHub Technologies to deliver a blockchain solution that will improve supply chain management in the mining and metals industry.

As reported last September, Hong Kong-based jewelry retailer Chow Tai Fook reportedly put records of some of its diamonds on a distributed leger developed by blockchain startup Everledger and secured by the IBM Blockchain Platform.