STUDENT PAPERS

 

A critical investigation into identifying key focus areas for the implementation of blockchain applications in the mining industry

 

 

K.G. Philo^*; R.C.W. Webber-Youngman

Department of Mining Enagineering, University of Pretoria, Pretoria, South Africa

Correspondence

 

 

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ABSTRACT

Digital information and data are crucial drivers of progress in various industries, including mining, where data-driven decision making optimizes resource extraction, enhances safety, and ensures sustainability. The adoption of digital technologies like artificial intelligence (AI) and the Internet of Things has amplified the importance of digital information. However, the integrity and security of this information are paramount, leading to the exploration of blockchain technology as a potential solution for secure digital value exchange in mining. This research examines blockchain's capabilities, drawing insights from its applications in sectors like banking, government, healthcare, and entertainment, and evaluates their relevance to mining's core value chain processes. The study identifies blockchain's distributed ledger technology, cryptographic security, and decentralization as unique advantages that can revolutionize mining by enhancing transaction speed, reducing costs, and improving supply chain transparency and compliance with sustainability standards. Blockchain's transparent and auditable records can enhance business transparency, fostering trust among stakeholders, including investors and regulatory bodies. The technology's consensus mechanisms and smart contracts further promote trust in collaborative ventures. This research provides a foundational understanding for decision-makers in the mining industry to evaluate blockchain's feasibility and potential return on investment, guiding strategic planning and resource allocation for blockchain applications. By leveraging blockchain, mining companies can optimize operations, improve sustainability practices, and establish a robust foundation for future growth, positioning blockchain as a transformative technology in the sector.

Keywords: blockchain technology, value driver; capability; digital transformation

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Introduction

The mining industry is undergoing a digital transformation, with technologies such as autonomous vehicles and drones being adopted to increase productivity and safety (Bliss, 2018). The World Economic Forum (WEF) predicts that many mining organizations will adopt autonomous mining machines, which will bring an estimated USD 47 billion to the industry by 2025. The WEF highlights four key areas for digital transformation in the mining industry: automation and robotics, a digitally enabled workforce, integrated enterprise systems, and advanced analytics (World Economic Forum, 2017).

The technologies associated with these four themes share a common aspect; namely, the utilization of big data. These technologies produce data, communicate via machine-readable data, or rely on data to operate and perform certain tasks. Hence the availability of data and communication of machine-readable information is imbedded in these four themes. Machine-readable data has become one of the most valuable resources in current times, thus it is important to protect and better manage digital information.

It is evident that artificial intelligence (AI), the Internet of Things (IoT) and blockchain technology (BCT) will play an important role in the digital economy (UNCTAD, 2019). The value of digital information is ever-increasing as more companies utilize these digital technologies to gain deeper insight into their operations and drive this transformation process. As AI and IoT typically rely on the exchange and communication of data, it is important to safeguard and ensure the integrity of data exchange. BCT was identified as being potentially able to provide the mining industry with a trusted system for securely exchanging digital value (Philo and Webber-Youngman, 2021). However, there is still little evidence or understanding of how BCT can be implemented and what benefits the mining industry could obtain.

 

Background

Blockchain technology was first proposed by an individual or group of individuals using the pseudonym Satoshi Nakamoto in a White Paper entitled 'Bitcoin: A Peer-to-Peer Electronic Cash System.' The White Paper was published in 2008 and it introduced the concept of Bitcoin, which has since grown to become the first and most well-known application of BCT.

Understanding the distinction between Bitcoin and blockchains is crucial as it can help to understand the unique properties and capabilities of BCT. Table I explains the important differences between Bitcoin and blockchains.

While BCT is viewed as a relatively 'new' technology, in essence it is more of an innovatively constructed combination of different existing technologies such as peer-to-peer (P2P) networking, cryptographic hash functions, distributed timestamping, digital signatures, and Merkle trees (Hileman and Rauchs, 2017). For this reason, BCT applications can be designed for a variety of different use cases but it is fundamentally a new protocol for value transfer via the internet.

At the most basic level, a blockchain is a type of database/ledger that is replicated and managed by a cluster of computers (across a P2P or decentralized network) with no central authority; it enables the distribution of digital information that cannot be copied or forged (Rosic, 2018).

 

Research objectives and methodology

The research hypothesis for this study is the following: the application of BCT in the mining industry can add value or additional benefits to core business value chain processes. The following are the main questions that this research aimed at answering:

► How could BCT be used in the mining industry?

► What are the potential benefits for implementation in the mining industry?

► Where are the potential focus areas for BCT in mining?

Figure 1 illustrates the research roadmap that was followed during the study, starting with an investigation into BCT use cases in different industries. These use cases were examined to identify what capabilities of BCT are used and the associated benefits. Mining industry use cases were then researched from a technology-push perspective to try and find possible focus areas within the mining industry's business processes for further research. From the findings of the literature review, the capabilities and value drivers of BCT were mapped to the mining industry's business processes to highlight potential focus areas for application in mining.

 

 

Literature review

Blockchain technology fundamentals

BCT is also commonly referred to as Distributed Ledger Technology (DLT). There are also other terms, such as P2P databases, mutual distributed ledgers, synchronous ledgers, and consensus ledgers. These terms, among others, unfortunately add to the confusion around BCT as they are often interchangeably used. What distinguishes BCT from these other databases or ledgers is the data structure (how data are stored: chain of cryptographically linked blocks) and the data diffusion (how data are shared/communicated: global data broadcast) (Hileman and Rauchs, 2017).

The other characteristics that make BCT unique can be summarized into the following five points (Lansiti and Lakhani, 2017):

► The technology is decentralized. This means that it is a distributed database where each party on the blockchain network has access to the entire records and their complete history. Every participant can verify the records of transaction partners directly and without a trusted third party/ intermediary.

► The communications/transactions are peer-to-peer (P2P). The data commerce occurs directly between peers instead of through a central node. Each node stores and forwards information to all other nodes.

► The blockchain database provides transparency with pseudonymity. Every transaction and its associated value are visible to anyone with access to the network. Each user, or node, on the blockchain has a unique address that identifies it (30-plus-character alphanumeric identifier). The transactions occur between these addresses, and users can choose to remain anonymous or provide proof of their identity to others.

► The blockchain records are designed to be irreversible. When transactions are entered into the database and the accounts are updated, the records cannot be simply altered. The blockchain protocol deploys various computational algorithms and approaches to ensure that the recording on the database is permanent, chronologically ordered, and available to all network participants. All transactions are recorded and cryptographically linked to every transaction that came before them, hence the term 'chain.

► The blockchain uses computational logic. Owing to the digital nature of the ledger/database, transactions can be tied to computational logic and in essence programmed, creating smart contracts (a smart contact is a program that automatically executes when nodes reach consensus. The nodes in a blockchain are configured to trigger when certain conditions have been met, executing certain pre-defined business functions). Users can set up rules that automatically trigger transactions between nodes.

One of blockchain's notable features is the ability to transfer value (digital information) securely across a decentralized network. Table II illustrates distinctions between three network architectures; namely, centralized, decentralized, and distributed, while highlighting the positive and negative aspects of each.

 

 

The main concern with centralized systems is that they are prone to failures as there is a central point of attack. With decentralized and distributed systems, the ability to manipulate (attack) or gain control over the system is almost impossible. There is also a trust issue regarding centralized systems (in terms of data access, storage, and usage) as power is concentrated with a few individuals who have administrative rights to the system. These individuals or actors could abuse their authority and misuse private and/or sensitive information, such as the case with the Facebook and Cambridge Analytica data scandal (Criddle, 2020). With decentralized and distributed systems, this power is shared among the network participants and there is no need to trust a centralized entity to act with integrity regarding digital information exchanges.

Most blockchains are maintained by a distributed network of computers (nodes) that need to reach an agreement on the state of the distributed ledger (e.g., number of transactions, transaction value, etc.). In a decentralized system, this poses a challenge as some nodes are likely to fail or may act maliciously. Thus, consensus algorithms are used as a mechanism to build a Byzantine Fault Tolerant (BFT) blockchain. A BFT system can continue operating despite the presence of malicious actors. Figure 2 shows the various consensus mechanisms that are used in different applications.

 

 

Each consensus mechanism is designed to achieve consensus in different ways. How consensus is achieved can typically influence three main features of a blockchain; namely, security, decentralization, and scalability. Vitalic Buterin (co-founder of Ethereum) conceptualized a model (Figure 3) named the 'blockchain trilemma', which highlights these features as challenges that programming engineers face when developing a blockchain (CertiK, 2019).

 

 

Owing to the inherent design of how blockchains are built (programmed), engineers are forced to make trade-offs between decentralization, scalability, and security. In theory, blockchains must sacrifice one aspect in order to achieve a high degree of the other two components. These components are listed thus (Certik, 2019):

► Decentralization - creating blockchain networks that have no central point of control.

► Scalability/speed - the ability for a blockchain network to handle an exponential number of transactions.

► Security - the ability of a blockchain network to defend itself from malicious attacks, bugs, and black swan events.

When developing a BCT application for the mining industry, it is important to make informed decisions when choosing a consensus mechanism, as different consensus applications will have different outcomes in terms of decentralization, scalability, and security. When a company has set an applicational objective, the desired results can be used to work backwards and identify a suitable consensus mechanism that may align with that objective. A decision tree for choosing an appropriate consensus algorithm was published by Ferdous et al. (2020), which can be leveraged to help develop or select a blockchain for a particular use case.

Industry applications

Blockchain technology offers an innovative way of recording/storing and transferring important data. Data records are grouped together in blocks that are cryptographically linked, ensuring a transparent, safe, and secure data-exchange process. The technology allows all or specific network participants (depending on private or public applications) to know who they are doing business with as the data records are decentralized, permanently stored, and easily accessible. The data stored on a blockchain can be tamper-proof (changes on a blockchain need to be authorized by the majority of network participants, i.e., they are consensus-dependent) and or tamper-evident (any suspicious data alteration will be recorded), preventing unwanted situations for businesses dealing with important digital information (Goyal, 2018).

Goyal (2018) states that in the future BCT will be used in all industries; it provides four main areas of application: record keeping, digital currencies, smart contracts, and securities. Figure 4 attempts to summarize the applications of BCT from a holistic perspective, but some applications are duplicated, especially with regards to securities and digital currencies. The real benefits of applying BCT within different industries are at present still underutilized.

 

 

The literature review investigated different applications of BCT in various industries to identify and summarize the technology's capabilities and associated benefits. Table III condenses the findings from the literature review and highlights the different applications and associated benefits of using BCT in the banking, government, insurance, healthcare, entertainment, and mining sectors.

 

Results and discussion

Based on the use cases identified in the literature review, the various applicational capabilities of BCT were deduced, as shown in Table IV. Before a technology is used, it is important to understand what the technology can do. The mining industry can assess these highlighted capabilities of BCT for a better understanding of what the technology can do for their business.

 

 

Table V summarizes the identified benefits of BCT found from the literature survey and condenses them into value drivers for the purpose of linking the technology's capabilities with expected benefits.

 

 

Table VI was created by matching the different value drivers from Table V to the associated technological capabilities of BCT, identified in Table IV. This was done using the following reasoning, as explained using the first capability (Automation) as an example.

 

 

Automation: BCT is a self-validating network that can automate business applications and logic using smart contracts. Process automation can lead to better data management, resulting in improved data auditability and compliance. All of this may result in efficiency improvements, cost reductions, manual labour reduction, and less administration.

The above example highlights that the value drivers associated with the different capabilities are stackable: one capability could enable the realization of multiple value drivers that may form the premise for a particular business case. Industry leaders can use these capabilities and value drivers to assess whether potential opportunities exist within their own specific operations.

The capabilities and value drivers (Table VI), along with the mining industry 23 value chain definitions and outputs from the Open Group's Exploration and Mining business process model (which defines the standard business activities for organizations that operate in the exploration and mining sectors), were used to suggest potential applications of BCT. Using the mining industry's different value chain process descriptions as well as the associated output, the applicability of BCT was assessed to identify, if possible, what applications or opportunities exist. These opportunities were identified from a technology-push perspective, using the blockchain capabilities and industry-related benefits, encouraging further research and development within the mining industry.

The results of the study highlighted the different capabilities and value drivers associated with BCT. These capabilities were mapped to the 23 different mining value chain processes by suggesting potential applications. The value drivers were also highlighted in the different mining value chain processes. Figure 5 summarizes the number of times each capability was identified within the mining industry's enterprise processes. The top three capabilities are: data traceability, automation, and holistic view.

 

 

In addition, the value driver hits are also summarized in Figure 6, highlighting the top three value drivers: transparency, track and trace, and compliance.

 

 

Conclusion

As mining companies embark on their digital transformation journey, the industry will need to focus on safeguarding digital information in relation to their day-to-day business operations.

Digital information is becoming more valuable as disruptive technologies such as AI and IoT penetrate business operations. Organizations understand that they need to innovate or risk being disrupted.

The application of BCT has numerous associated benefits. These benefits were identified and are summarized as value drivers in Figure 7. The value drivers can translate to improvements in operational quality and profitability, increasing data transparency within an organization and with relevant stakeholders, as well as pointing to new opportunities for business partnerships, products, and services. These value drivers highlight why the mining industry needs to investigate implementing BCT within their organizations.

 

 

Blockchain is a revolutionary technology with the potential to disrupt all industries that use digital information in their business operations. BCT can be viewed as a metaphorical Swiss army knife. It is an extremely versatile technology with applications that can be designed and tailored for specific use cases. The technology's capabilities range from process automation to tokenization, through to providing a holistic view of all data records. The capabilities identified in this study are summarized in Figure 8.

 

 

The capabilities and value drivers were used to identify potential focus areas for applying BCT in the mining industry. These focus areas are application-specific, relating to where data traceability, process automation, and the need for a holistic view occur within the mining industry's value chain processes.

All new data added to a blockchain ledger can be known to anyone or only to authorized parties, giving access to a single source of truth (same data). Data provenance and a complete history of all data communication/exchange/movement/changes can be recorded on a blockchain ledger. Blockchains' self-validating networks and the use of smart contracts further enable the automatic application of business logic and processes within the mining industry.

The main benefits of applying BCT in these key applicational areas are improvements in data transparency, efficiencies in tracking and tracing data, and automated compliance.

BCT offers a valuable solution for traceability and transparency in engineering design and other non-financial processes. By creating a decentralized, immutable ledger, blockchain allows for the secure and efficient tracking of data and information throughout the entire design process. This means that every step and change made in the process can be easily traced and verified, improving accountability and reducing the risk of errors. Additionally, blockchain's transparency allows for greater collaboration and communication among team members, as well as increased trust and confidence in the final product. Overall, blockchain's ability to provide secure and transparent tracking of non-financial data makes it an ideal solution for a wide range of industries and processes.

It is worth noting that the implementation of BCT in engineering design and other non-financial processes may not always follow the same design as its implementation in purchasing processes and platforms. While both implementations aim to increase traceability and transparency, the specific use cases and goals of each implementation can vary greatly. For example, in purchasing, BCT may be primarily used for tracking financial transactions and ensuring compliance, while in engineering design, it may be used for tracking changes and approvals throughout the design process.

Additionally, the level of decentralization and accessibility may differ between the two implementations, with purchasing implementations tending to be more centralized and private, while engineering design implementations may be more decentralized and public. Therefore, it is important to consider the unique needs and goals of each specific use case.

The capabilities and value drivers identified in this study can be used to assess what benefits could materialize through BCT applications and how the technological capabilities could deliver value.

Overall, blockchain's ability to provide secure and transparent tracking of non-financial data makes it an ideal solution for a wide range of industries and processes. The focal areas for blockchain integration within the mining industry primarily revolve around business units, processes, and activities that demand a comprehensive perspective, meticulous data tracking and tracing, and streamlined process automation. BCT offers its greatest advantages in situations where a holistic view of operations is essential, ensuring that all stakeholders have access to a single, immutable source of truth. Additionally, blockchain's secure and transparent ledger capabilities are particularly valuable for tracking and tracing data across the intricate web of mining activities, allowing for a precise account of every step and change in the process. Furthermore, its potential for deploying smart contracts enables the automation of complex workflows, enhancing efficiency and accuracy in various mining-related tasks. As such, the mining industry can harness blockchain's transformative potential by strategically implementing it in these key areas, ultimately revolutionizing the way mining companies conduct and manage their operations.

 

Recommendations

The recommendations are based on the research results and conclusions, as well as steps a mining company can take towards realising blockchain applicational benefits. To assess the applicability of BCT for the mining industry, the following steps are recommended:

1. The application of BCT requires a specific use case for analysis. Mining industry decision-makers should first have a brainstorming session with all relevant organizational parties. This session should identify specific problems in respect of their operations, employees, and customers (pain points) within the organization that they would like to address.

2. These pain points can be assessed and prioritized according to the effects that they might have on the business's operations.

3. When the team has decided or concluded that BCT can be a possible solution, then the blockchain value framework can be used, along with the value drivers and capabilities, to assess what value can possibly be gained by addressing the pain points with BCT.

4. These value drivers will form the foundation for discussing potential investment in developing a blockchain 'proof of concept' for a specific application.

 

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Correspondence:
K.G. Philo
Email: keaton.philo@up.ac.za

Received: 27 Jan. 2023
Revised: 16 Sept. 2023
Accepted: Feb. 2024
Published: June 2024

 

 

* Paper written on project work carried out in partial fulfilment of MEng (Mining Engineering Degree)