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Minespider, Google, LuNa Smelter Launch Blockchain-Based Tin Traceability Solution


Minespider, Google, LuNa Smelter Launch Blockchain-Based Tin Traceability Solution Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

LuNa Smelter, Google, and Minespider have joined forces to develop a distributed ledger technology (DLT) based tin traceability system. Dubbed OreSource, the team claims the solution will make it easier for smelters, importers, and miners to track the entire production process of the solid mineral, while also ensuring that the miners work in total compliance with the statutes of the new EU Conflict Mineral Regulation for European tin importers, according to reports November 24, 2020.

Tin on the Blockchain 

While Rwanda ranks among the leading producers of solid minerals such as tin, tungsten and tantalum globally, illegal mining operations remains a major issue in the region, despite the fact that many illegal miners have been arrested or even lost their lives in the process in recent times.

In a bid to bring more transparency to the mining sector and ensure participants work in total compliance with the European Union Conflict Mineral Regulation, Minespider, a blockchain protocol for responsible mineral sourcing, has joined forces with LuNa Smelter, a Rwandan tin producer and Google, to launch a DLT-powered traceability solution for the mineral.

Dubbed OreSource, the team says the platform will enable miners to easily track data concerning the entire mining operations and it will also ensure participants work with the best practices. 

Fostering Compliance 

For those who are unaware, the new EU regulation as regards the mining of solid minerals such as tin is scheduled to go live in January 2021 and it aims to ensure that importers of tin and other conflict minerals in the region operate in accordance with the OECD’s responsible sourcing standards.

The team says the OreSource platform is designed to make it easier for importers of tin and other minerals to comply with the requirements of the regulators.

Specifically, smelters and miners will be able to upload key data concerning their activities into a dedicated blockchain and importers will be able to verify the entire information needed to comply with the EU directive via a QR code.

Commenting on the initiative, Olena Wiaderna, Director of Sustainability and Supply Chain Due Diligence at LuNa Smelter said:

“The industry is still unsure about how to comply with the EU Conflict Minerals Regulation. OreSource will give us a tool to provide the information that is required and help European importers collect the required data.”

Blockchain technology, the solid foundation powering bitcoin (BTC) and other cryptocurrencies is increasingly being used in the manufacturing and supply chain ecosystems, thanks to its immutability property.

In August 2019, leading car manufacturer, Volvo turned to blockchain technology in a bid to monitor its cobalt supply chain in the Democratic Republic of Congo and curb child labor. And in February 2020, Mercedes Benz conducted a blockchain pilot for tracking carbon dioxide emissions along its cobalt supply chain.

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Source: https://btcmanager.com/minespider-google-luna-smelter-blockchain-tin-traceability-solution/

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