Using DLT to Track the Origin of Metals and Minerals
Blockchain technology can be used in many different ways these days. Various companies and banks are looking to implement distributed ledgers in one way or another. Cobalt Blockchain and DLT Labs are exploring options in the metal industry. More specifically, both firms want to use distributed ledgers to track and certify the origin of metals and minerals.
It is good to see use cases for blockchain outside of the financial sector. So far, a lot of efforts focus on remittance and payments. While that is a worthwhile cause as well, this technology has a lot of potential in other industries. For Cobalt Blockchain and DLT Labs, the future revolves Ariadne metals and minerals. More specifically, both companies want to track and certify both metals and minerals from the source to the end-user.
Tracking Metals and Minerals With Blockchain Tech
To do so, the companies aim to use distributed ledgers. With this new joint venture, a whole new ecosystem will need to be created. Providing secure, traceable, and transparent technology is the number one priority. Ensuring this platform upholds all of the enterprise-grade standards is no easy feat. This is especially true because of the global standards both companies need to keep in mind.
DLT Labs Chairman and CEO Loudon Owen comments as follows:
“Companies and consumers demand assurances that the minerals and metals in their products are conflict-free. We now have the technology and tools to protect workers and prevent abhorrent labor practices so there is no excuse to support bad actors.”
Cobalt Blockchain has built up a reputation in the mining and metals trade. DLT Labs is one of the global leaders in blockchain. It only seems normal both companies want to team up for a venture of this magnitude. Right now, the supply and use of minerals and metals receives a lot of flack. This is mainly due to the lack of transparency regarding the origin of these materials. With blockchain technology, that will all change for the better.
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