By ET Bureau - October 09, 2019 2 Mins Read
Finboot, the company behind the enterprise-grade blockchain middleware MARCO,
announces it has partnered with Minexx, a UK-based tech start-up solving the mineral sourcing problem faced by technology companies in an increasingly socially conscious and regulated world. With demand for electronics and electric cars constantly increasing, technology companies are coming under growing pressure to prove to consumers and regulators that the metals they use in these products are ethically and responsibly sourced.
For example, a significant proportion of the world’s supply of cobalt and tantalum, both used in smartphones, is produced by
artisanal miners in African countries such as the Democratic Republic of the Congo, Zambia
and Mozambique, where regulations can be lax or non-existent.
Origin data from the mine site passes through seven stages from mine to manufacturer and can be changed along this journey, damaging its credibility. This is particularly problematic for EU and US companies, which are subject to legal requirements for traceability and responsible sourcing.
Minexx’s innovative MineSmart platform aims to address this issue by giving technology
companies transparency on the mineral origin to avoid funding conflict or child labor, while
also giving them the control to make contracts with the miners directly. In turn, the miners
benefit from a fair price for their minerals and access to mining equipment and life-changing services, such as electricity and insurance.
Finboot’s MARCO is an enterprise-grade SaaS platform delivering blockchain capability
simply and effectively within value and supply chains across the globe. By integrating this into its MineSmart platform, Minexx is now able to certify mineral production and tokenize the credentials, allowing these to be sent across the digital value chain to bring trust to the process.
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