HashCash Partners with Global Automobile Company to Track the Legitimate Sourcing of Battery Minerals
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, Calif., Nov. 18, 2019 /PRNewswire-PRWeb/ -- 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.
Mineral Sourcing Issues
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 Blockchain1o1 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.
SOURCE Hashcash Consultants
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