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Blockchain technology is being utilised to support responsible sourcing

Author: Jax Jacobson, Forbes, Published on: 11 April 2019

"Can blockchain apps ensure a responsible mineral supply chain?", 22 March, 2019

In [2010], the US passed the Dodd-Frank Act, which in Section 1502 included a requirement for any US firm to ensure that mineral resources they procured, including tin, tantalum, gold, and tungsten, was sourced responsibly and not for the enrichment of anyone involved in armed conflict... The EU has also adopted new import regulations on conflict minerals... [which] will apply to all EU-based companies from January 2021, requiring them to report their supply chain due diligence obligations on sourcing of tin, tantalum, tungsten and gold and ensure armed groups can no longer use these minerals as a way to finance warfare and human rights abuses.

... Some entrepreneurs see blockchain-based systems as the way forward to ensure responsible sourcing... MineSpider... has adapted bitcoin technology in a way that will allow companies to be confident in their sourcing, and be able to report their supply chain due diligence to governments, without disclosing their supply chains to competitors... [MineSpider has created] a system that allows certain recipients to read sensitive data, which allows mining companies to provide receipts that they've done their due diligence while also protecting their supply chain details... Circulor... has also created a system based on blockchain that allows mining companies ensure their minerals are responsibly sourced. [Circulor] has signed an agreement with the government of Rwanda and the Rwanda Mining Association, and says it is in discussions with Apple.

Read the full post here

Related companies: Apple Circulor Minespider