Implemented by a Major Mining Group in Congo for ethical sourcing of Cobalt from the mine
to the Electric Vehicle
Key Challenges
Disputes and lack of transparency among stakeholders
Growing need to address ethical sourcing standards for certain minerals
Compliance issues: child labor, safety hazard and illegal mining
Blockchain Solutions
Provenance tracking traceability solutions
Use of smart contracts to securely exchange
critical trade documents, such as bills of lading and letters of credit
All parties involved in a transaction views up to date data at all times
Benefits
End to end tracking of minerals and ores throughout the supply chain, address compliance, transparency and accountability
Reduce number of disputes and make resolution straightforward
Reduce errors overall transparency, eliminating the potential for malicious actors to take advantage of loose record keeping
Improved immutability, security, speed and scalability
Improved brand identity and loyalty for EV manufacturers
Lowered Operations Cost
Reduced reconciliation cost of record keeping and validation between the Congo Mining company, Li ion battery
Real time visibility of records lowered rate of fraud, less spending on fraud detection and prevention mechanisms
Saved Sourcing Turnaround Time
Real time document transfer less paperwork
Quicker validation and authentication of trade finance documents
Power of Innovation
HashCash solution used Blockchain technology which eliminated the need for multiparty reconciliation
HashCash solution is used by clients globally including banks, FIs, companies in supply chain, manufacturing, gaming,Enterprises and Government verticals
