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

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