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Blockchain to Enable Transparency in Uranium Markets

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Uranium One & Insolar

A leading North American uranium producer, Uranium One, has teamed up with a distributed ledger technology (DLT) startup, Insolar, to research bringing transparency to uranium markets.

Insolar, which boasts clients and partners including Oracle and Microsoft, is a global tech company “building innovative public and private blockchain solutions”, according to their website. 

In the announcement made by Insolar, the DLT startup cites how the uranium markets trading “is still largely conducted on paper”, further elaborating saying that the “conclusion and execution of transactions on paper can be inefficient and time-consuming”.

“Because trading is cross-jurisdictional, contracts are not standardized and can require considerable time for agreement by the parties. Blockchain is an ideal solution as it can provided a trusted and standardized format, including shared governance.”

Insolar

A demo showing how this solution would work has previously been created by Insolar. According to the DLT startup, industry choke points are addressed and demonstrate how the over-the-counter market can not only be digitized, but automated. This would allow for transactions to no longer be “inefficiently handled on a case-by-case basis”.

“A blockchain platform with advanced capabilities can significantly simplify trading activities in the market, meeting the increased requirements of market participants for security. Insolar’s partnership with a leader in its industry will demonstrate the potential of our solutions,”

Andrey Zhulin, CEO of Insolar

This is yet another use case demonstrating the benefits blockchain technology can bring to a wide-variety of industries. From finance, identity, supply-chains, and now uranium markets, the potential of blockchain technology is only beginning to be realized.

While transparency is increased, blockchain technology also enables costs to be cut. Additionally, by storing transactions on an immutable ledger, both parties in the transaction can be sure the data is safe from malicious tampering. Therefore, when the data is referenced, it may do so while maintaining its accuracy and integrity.

Orion
Orion is an entrepreneur and a part-time writer for Financial News. He is currently involved in distributed ledger technology (DLT) primarily focusing on FinTech. Orion has a great interest in finance, business, crypto, and trading. Some hobbies of his include skateboarding, music, graphic design, and continuously learning new things. His long-term goals revolve around education, agriculture, and renewable energy.

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