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
