Blockchain technology is resistant to modification of the data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent. Finboot in conjunction with Minexx will integrate block chain platforms to solve mining related challenges in Africa.
Finboot has partnered with UK based startup Minexx to help certify mineral production and tokenise credentials for improved transparency across the supply chain. Both entities will be helping technology companies that make use of minerals guarantee the ethical sourcing of such elements and the sharing of information in a secure way.
By integrating MARCO into the MineSmart platform, Minexx is now able to certify mineral production and tokenise the credentials, allowing these to be sent across the digital value chain to bring trust to the process.
Minexx is the firm that created MineSmart, a platform that gives technology companies transparency on the origin of the minerals they use to avoid funding conflict or child labour, 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 services, such as electricity and insurance.
While Finboot is the dynamic company behind MARCO, a unique blockchain agnostic, enterprise grade SaaS product. MARCO allows enterprises to easily access and use blockchain technologies within their organizations value and supply chains. Established in 2016 with operations in London and Barcelona, Finboot has established itself as a leader in the fast-growing enterprise blockchain industry. Finboot has demonstrated the capacity of MARCO to allow enterprises to rapidly experiment and validate their blockchain business cases and efficiently move them to production.
Marcus Scaramanga, CEO and Founder of Minexx, said: “Approximately one in eight people in sub-Saharan African countries is dependent upon artisanal minin’g, yet the industry is poorly regulated and often lacks transparency and fairness.
By integrating Finboot’s MARCO technology into our MineSmart platform, we can now harness the power of blockchain to track and record mineral origin data securely. This mutually benefits both the artisanal miners who produce the materials and the technology companies that require them, and consequently we see a huge amount of growth potential in this market.”
This is particularly problematic for EU and US companies, which are subject to legal requirements for traceability and responsible sourcing, the executive said.
Addressing this issue was the reason behind the partnership with Finboot.
The ability to verify products’ credentials and communicate these in an auditable, immutable and trusted way is blockchain’s core strength, and our innovative middleware solution MARCO can deliver these capabilities to the Minexx MineSmart platform,” Nish Kotecha, Chairman and Co-Founder of Finboot, said in the press brief. “We look forward to working with the Minexx team as the business continues to grow and make a positive impact on people’s lives.