• By admin

How Does Blockchain Fit
in the World of Natural Resources?

The market for natural resources is an enormous one, and it is a market that is growing continuously and evolving at a rapid pace. Along with this growth, so grows the tech industry. Everywhere, everything uses some technological advancement or new efficient algorithm to heighten sales or make lives easier for themselves or those working for them.

Many tasks have never been more manageable, and many systems climb onto the tower of simplicity when they get the chance. The same is valid within the natural resource industry; many companies and corporations hope to regulate their work and decentralize how they run their business. In many ways, this involves using something known as a blockchain, with a few more steps involved.

Understanding the blockchain technology

In a simple sense, a blockchain is a chain of interconnected blocks that hold pieces of information. The blocks themselves have transaction information connected to the others and are stored cryptographically so that the data is heavily secured. The blockchain is an essential part of a cryptocurrency. It allows specific rules to be set for what the developer wants the currency to do or how it interacts within its ecosystem.

What is cryptocurrency?

A cryptocurrency is a decentralized payment method created programmatically and dealt with on the blockchain. Typically, a cryptocurrency is mined on the blockchain, and every time an exchange occurs, or a piece of that currency is mined, it gets recorded in the blockchain to ensure that the exchange is legitimate and to keep record of each crypto transaction. Cryptocurrency is becoming more popular and is a secure and safe method of transferring funds that, sometimes, can be converted into other currencies, some being other cryptocurrencies. While no one must use cryptocurrency at the moment, it seems the future is progressing on such a path.

Cryptocurrency in the real world

In today's financial world, cryptocurrency is becoming a popular commodity among many people. With the central being the stock exchange, the crypto world is sure to influence everyone shortly. As more things become programmed and others turn into robotic devices, it is no question of whether the world will use crypto as a means of currency. After all, it is safer to use than traditional currency since it is attached to your crypto wallet that is only accessible by anyone who might have a password or a key. Many industries seem to be taking advantage of the ease, and efficiency cryptocurrencies have to offer, and with the widespread applications of crypto, it makes sense.

The natural resource industry

Mining natural resources have been a staple industry for quite some time, from ancient Egyptians mining stone and rock to build massive structures and places to live to today, where mining metals and different types of rock is pertinent for daily life. From a broader perspective, mining natural resources is an industry that will never cease to exist; imagine a civilization that might one day be on Mars; being able to extract rock and building material from the planet’s lower layers will be one of many essential resource tasks. Moreover, even in near future events, mining materials from asteroids would significantly increase metal supplies here on Earth.

A blockchain of natural resources

With the future of humanity in sight, it is no question that technology will be a part of the future. As seen before, the necessity for natural resources has increased steadily as industry and expansion increase. Companies like Metallika are creating a cryptocurrency to compete with this massive resource industry to aid this expansion. Their vision is that having a cryptocurrency centered around mining natural resources will provide a way for contractors to pay for jobs with crypto and allow miners to exchange this crypto for matched currency. This way, the jobs can be more secure, transactions safer, and having the ease of setting a job with a set crypto price and exchanging that to another currency whenever needed. Once the blockchain is developed, Metallika is prepared to onboard senior executives who can market their DAO to major mining companies.

The mining industry

Many of these applications can also be applicable to the mining industry where jobs are often based on contracts and the amount of work needed to be done. Platforms like Metallika make this process just as easy by allowing companies to set up mining operations and pay their workers in an organized way. By using their existing partner mining projects on graphite, granite, and beach sands and advancing relationships with major mining companies in APAC and Africa, Metallika can be particularly successful in this industry.

Traditional contractual jobs

In the world of natural resources, the way a job is admitted is by contract. A company requests an operation, and either that company or another company gathers the teams and resources to mine and collect those resources. This system does not necessarily have flaws, but as with most things, it can be improved. Crypto aims to do just that, make an easier way to make contracts and get jobs done faster.

What a crypto-contract might look like

For someone taking a job as a resource miner, they may use Metallika, and this company’s innovative contract feature that allows the employer to track the job's progress and will enable the employee to achieve milestones and reach different stages depending on the contract. It is a system that would seemingly make mining operations more efficient and organized since all the information is embedded in the same system that pays them. Many coins with a similar structure also work alongside systems created by other cryptocurrencies to ensure security and make it even easier to get paid safely and efficiently.

Natural resource industry going forward

It would seem the world is in a place where technology will affect everything that it can, and in a way, every industry will be using technology in one way or another. In sectors like the natural resource industry, it makes sense that being able to handle contracts efficiently and safely would be the route to take. Being able to securely create an organized agreement set with milestones, dates, time stamps, and payment seems like the perfect way to employ and a simple way for an employee to understand what job they are doing instead of hiring people to take care of something a cryptocurrency can do programmatically.

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