HashCash Consultants, one of the well-known blockchain companies active globally, has entered into a partnership with the Global automobile company to develop a blockchain-powered network of the supply chain. HashCash Consultants is known for enabling entities to settle payments and move assets across borders in the real-time utilizing blockchain.
This collaboration aims to trace ethical sourcing of several important battery minerals, including lithium, cobalt, and tungsten. The system will track the sourcing and authentication of these minerals that are housed at the DRC (Democratic Republic of Congo).
For those in the dark, DRC is known for housing over two-third of cobalt reserves of the world. However, the DRC has been hitting the headlines for quite some time about the purported child labor use in its artisanal mining operations. As a result, there have been demands for a robust and reliable supply chain, opening the door for this new partnership.
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Through this collaboration, HashCash aims to bring transparency and streamline the entire process, right from the mineral’s origin until the final point from the mines to battery plants to manufacturing divisions. For this, HashCash will be developing a system based on the technology of blockchain for immutable and reliable records of data at every stage of the mineral supply chain.
Usage of the blockchain-enabled system will reduce the cost of operations while boosting the speed of the process, as highlighted in the reports.
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Per the reports, this blockchain network will also ensure that all the participants comply with all the regulations pre-determined by the global authority through smart contract-backed evaluation. Moreover, the participants would be able to have a look at, as well as evaluate, the data related to the minerals’ sourcing and production in real-time due to the distributed, decentralized nature of the network.
