A blockchain that emerged from an ICO and a huge uranium company that is owned by the Russian state: Insolar and Uranium One are working to improve uranium trading with a blockchain. Can it work?The uranium mining company Uranium One and the blockchain provider Insolar have entered into a partnership to map the trading of uranium as a raw material on a blockchain.
The goal is to replace the established methods of documentation. The uranium trade, Insolar writes, continues to take place largely on paper. Since the commercial contracts usually have to apply across borders, they are usually not standardized. Both the paper form and the negotiation of these contracts cost the parties involved an excessive amount of time and money.
By bringing contracts and data onto a blockchain, Insolar and Uranium One want to create trustworthy, standardized contracts that are valid across borders. A demo by Insolar shows how OTC trading – over the counter, away from the spot markets on exchanges – can be digitized and automated using the blockchain. Similar project ideas have been around for a long time and for almost every raw material. In industry, they seem to be aware of problems without having resulted in any noteworthy results.