Two Canadian Companies, one looking to utilize blockchain, the other well-versed in implementing that technology into business operations, have announced a joint venture to track resource extraction from the ground to the client.
Cobalt Blockchain Inc. and DLT Labs Inc. are teaming up to develop a blockchain platform for companies trading in base and precious minerals to offer transparency in the movement of those resources. This can be especially important where conflict-free certification is important.
A pilot project will be produced by DLT and managed by Cobalt Blockchain’s operation in the Democratic Republic of the Congo, home to 12% of global cobalt production, but a country accused of child labour and slavery-like conditions.
Cobalt is a key mineral for batteries that power laptops, mobile phones, and electric vehicles, but supply is scarce, especially certified, ethically-sourced cobalt.