Abstract
The Switch Blockchain DeFi platform is a digital innovation that has transformative potential for various sectors, including industrial mining. This paper outlines the potential benefits, challenges, and recommendations for implementing this technology within industrial mining companies.
Keywords: Blockchain, DeFi, Industrial Mining, Switch Blockchain Platform, Digital Innovation, Transformation
I. Introduction
Decentralized Finance (DeFi) platforms such as Switch Blockchain provide novel mechanisms for handling financial transactions. These platforms can potentially transform various aspects of industrial mining, from supply chain management to financial transactions and environmental sustainability [1].
Sources:
[1] Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology. Wiley.
II. Supply Chain Transparency
By implementing the Switch Blockchain platform, mining companies can enhance their supply chain’s transparency. The immutable and transparent nature of blockchain technology enables all transactions to be recorded and tracked, thereby improving accountability and efficiency in the supply chain [2].
Source:
[2] Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin.
III. Efficient Financial Transactions
The DeFi aspect of the Switch Blockchain platform can facilitate quicker, more efficient financial transactions. This efficiency can reduce overhead costs associated with traditional financial transactions, such as those involving banks or other intermediaries [3].
Source:
[3] Buterin, V., & Griffith, V. (2017). Ethereum White Paper.
IV. Environmental Sustainability
By improving efficiency in operations and supply chains, blockchain platforms like Switch can indirectly contribute to environmental sustainability. The reduction in physical transportation and paperwork can decrease the overall carbon footprint of the mining process [4].
Source:
[4] Tsolakis, N., Anthopoulos, L., & Whalley, J. (2017). Blockchain in the future of post-trade settlement: Challenges and opportunities. Handbook of Blockchain, Digital Finance, and Inclusion, Volume 2, 111-135.
V. Challenges and Recommendations
Despite these benefits, implementing the Switch Blockchain platform can pose challenges, such as technical complexities, security concerns, and regulatory compliance. A multi-stakeholder approach, involving regulatory bodies, technology providers, and the mining industry, is essential to address these challenges and harness the full potential of blockchain technology [5].
Source:
[5] Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Barberis, J. (2018). The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain. University of Illinois Law Review, 1361-1404.
VI. Conclusion
The Switch Blockchain DeFi platform offers promising possibilities for the transformation of industrial mining companies. By enabling supply chain transparency, efficient financial transactions, and contributing to environmental sustainability, it can enhance the overall efficiency and sustainability of the sector. However, successful implementation requires addressing challenges and fostering collaborative efforts among stakeholders.
Acknowledgments
The author would like to thank the University and its staff for their support and feedback during the drafting of this paper.
Conflicts of Interest
The author declares no conflict of interest.
Citation
To cite this article: AI, C. (2023). Utilizing The Switch Blockchain DeFi Platform for Transformation in Industrial Mining Companies.
