To Develop Supply Chain Platform Using Blockchain Technology
Sydney, May 2, 2018 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (Hastings or the Company) is pleased to advise that the Company has embarked on the development of a Supply Chain Platform using blockchain technology.
HIGHLIGHTS
- A decentralised supply chain management system to track product from mine to market using blockchain technology.
- Provides confidence on quality and facilitates compliance with ISO 26000 on social responsibility.
- Use of RFID tagging and Smart Contracts provides reliable pricing data and transaction history thereby providing efficiency and transparency.
- Creates greater commercial opportunities for the demand of Hastings Mixed Rare Earth Carbonate (MREC) globally.
INTRODUCTION
The Hastings Blockchain-enabled Supply Chain Platform uses blockchain technology to trace and track Mixed Rare Earth Carbonate (MREC) produced from its Yangibana mine to its customers. The transparent tracking provides confidence to consumers as to the quality and viability of MREC from the Yangibana mine which meets ethical, environmental and responsible standards of production. The Platform will now enable users to certify the source of origin of Hastings MREC footprint.
Charles Lew, Hastings Executive Chairman, said "The Hastings Blockchain-enabled Supply Chain Platform is a decentralised supply chain management system. It is a game changer for current supply chain relationships.
Using RFID tagging technology and IOT for digital smart contracts, this innovative Hastings platform will in future form the basis of providing numerous advantages to mining companies, commodities traders, manufacturers and consumers in compliance with ISO 26000 and meets the demands of ethical mining, environmental awareness and source of origin of the raw material.
This technology will provide Hastings with significant commercial and financial opportunities as we move forward to bring the Yangibana mine into production".
Hastings Blockchain-enabled Supply Chain Platform
Blockchain is a software innovation for establishing a consensus between users over a decentralized network by recording transactions on a digital ledger. This enables transactions to take place throughout a network, without the need for a central intermediary to track, verify and approve the digital exchange of value.
Functioning like a ledger, the blockchain creates a tamper-proof, indelible record of transactions, enabling it to work in a trustless environment. Additionally, the system can be made fully transparent, ie. the list of transactions is visible to everyone on a public domain.
Hastings', Supply Chain Platform is developed to track the flow of goods and services between businesses and across borders providing transaction integrity. At each step of the process, the blockchain can vouch for the provenance and authenticity of a shipment via its transaction history. In addition, its decentralised nature makes it virtually impossible (or at least prohibitively expensive) for malicious actors to alter the ledger. Speed is also another factor: should a shipment be disrupted or go missing, the data stored on the common ledger provides a rapid way for all parties to trace it and determine who handled the shipment last.
Track and trace
Hastings will use Radio Frequency Identification (RFID) and Internet Of Things (IOT) technologies for material tracking, proof of source and ownership of the physical product, making it more efficient and secure. Physical properties such as weight, composition, date and time will be recorded and stored in the RFID directly from the Yangibana mine.
Blockchain technology uses digital smart contracts to provide reliable pricing data and transaction history, providing a further level of transparency and efficiency. They emulate the logic of contractual clauses facilitating, verifying or enforcing the performance of a contractual agreement in the software code.
Hastings will keep the market informed on progress as the platform is developed.
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About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
Brockman Project
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
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