The HashCash collaboration aims at facilitating transparency and traceability in the mineral supply chain by leveraging Blockchain technology. Such a system will prove the ethical sourcing of the minerals and also streamline the process from the mine to the manufacturing unit, and beyond.
PALO ALTO, Ca., Nov. 18, 2019 - HashCash Consultants is
partnering with a consortium of global automobile manufacturers, mining
companies and battery manufacturers to build a supply chain network backed by Blockchain technology. The goal is to track ethical sourcing of minerals such
as cobalt, tungsten, and lithium.
Considered as important components in the production of car
batteries, the sourcing of these minerals has been under the scanner for long
due to the alleged use of child labor for mining operations.
The HashCash collaboration aims at facilitating transparency
and traceability in the mineral supply chain by leveraging Blockchain technology. Such a system will prove the ethical sourcing of the minerals and
also, streamline the process from the mine to the manufacturing unit, and
beyond.
The Democratic Republic of Congo houses more than two-thirds
of the world’s cobalt reserves. It is also rich in other minerals like
tungsten, tin, etc. all of which are regularly sourced for battery
manufacturing.
In recent times there has been extensive press coverage
about the alleged use of child labor in the artisanal mining operations at DRC,
which constitutes more than 20 percent of the total mineral reserve. There is a
demand for authentication of the provenance and ethical sourcing of these
minerals. HashCash aims to establish a Blockchain network for the mineral
supply chain to address the need of the hour.
How HashCash will add Value to the Mineral Supply Chain?
The minerals that are produced at the mines in DRC will be
traced throughout the supply chain as it journeys from the mine and smelter to
the cathode/battery plant and then ultimately to the auto manufacturers.
HashCash is creating a Blockchain ecosystem with all the participants in the
supply chain, for more transparency and traceability in the operations.
There will be a validation process of all the participants
upholding responsible standards of mineral sourcing through smart contracts. It
will evaluate and ensure that each participant complies with the regulations
outlined by the international governing authority.
HashCash’s Blockchain network will create an audit trail
syncing with the immutable records with all details of mineral production and
each stage that follows in the supply chain.
The decentralized and distributed network will enable
participants to see and evaluate all data concerning production and sourcing of
minerals in real-time, adding transparency and traceability to the supply
chain. This will make the entire process faster and significantly reduce
operational costs.
About HashCash Consultants
HashCash is a global software company. HashCash Blockchain
products enable enterprises to move assets and settle payments across borders
in real-time for Remittances, Trade Finance, Payment Processing and more.
HashCash runs US-based digital asset exchange, PayBito & digital asset
payment processor, BillBitcoins. HashCash offers exchange and payment processor
software solutions, ICO services and customized use cases. HashCash propels advancement
in technology through Blockchain-1o1 programs and its investment arm, Satoshi
Angels. HashCash offers solutions in AI, Big Data and IoT through its
platforms, products & services. HashCash solves the toughest challenges by
executing innovative digital transformation strategies for clients around the
world.
Media Contact:
JOANNE FOSTER
Commercial Concern
Phone: +14158003465
USA
28747 Vista Grande Dr Hayward, CA 94544, USA
2100 Geng Road, Palo Alto, CA, 94303, USA
Phone: (888) 893-0588 (USA Toll Free)
Website: https://www.hashcashconsultants.com/