Vancouver-based MineHub Technologies has launched a new blockchain-based application which will allow all contract parties to monitor, amend, and agree changes digitally.
Once contracts are initiated between suppliers and customers, both parties will be able to enter in details about purchase and sales orders, logistics, specifications, and payment details.
The application will help all projects where there are a large number of contracts in play, MineHub chief executive Arnoud Star Busmann said.
"Keeping track of it all in real-time is a task that begs for automation and digitalisation," Busmann said.
Managing different contracts will only get more complicated and time-consuming once ESG requirements, such as tracking carbon emissions, are included in contract details, he added.
With the application, buyers and sellers will have a shared view of the contract, as well as access to an immutable audit trail of proposed and agreed amendments, enabled by the blockchain technology.
The application also automates parts of the process. Certain aspects of agreements, including payment terms and logistics, will be prefilled into the application based on the most recently agreed contract.
MineHub's new tool aims to provide real-time reporting on contract details, which will reduce disputes and improve customer service. It will also save time and eliminate labour-intensive form filling and searching for contact details.
The application is available as a standalone product, which can also be integrated with other contract management and ERP software.
