Rwanda implemented the blockchain in the production of rare metal

0

Rwanda implemented the blockchain in the production of rare metal

Rwandan authorities start using the blockchain to track the production and shipment of tantalum — a metal used in consumer electronics. Technology is designed to solve the problem of illegal exploitation and smuggling, according to CoinDesk.

This initiative announced October 16, the Cabinet of Ministers of Rwanda Francis Gatare, also heads the Management of the gas industry, oil production and mining. According to him, an innovative solution that allows you to monitor the extraction of minerals has already been implemented by at least one local exporter.

Rwanda is one of the leading exporters of tantalite concentrates. According to the journal Nature, in 2014, it accounted for half of the supply of tantalum on the planet. Tantalum, named after the hero of Greek mythology because of the difficulty of obtaining, is one of the most rare metals in the world: in the earth’s crust it accounts for of 0.0002%. The cost of a kilogram of pure tantalum is about $4500. In recent years, the government of Rwanda has repeatedly faced criticism from international organizations for illegal mining and export of the mineral.

To solve this problem, the government of Rwanda signed an agreement with London startup Circulor, provides a system for monitoring supply chain-based blockchain Hyperledger.

Mining company PRG Resources that supply tantalum Corporation Apple, took part in a pilot project and is now using this decision.

The blockchain technology is becoming more common in mining. In may of this year she was asked by diamond company De Beers, tracking diamonds from mines to retailers.

In August the Chinese company ZhongAn Technology has launched a blockchain application that monitors production, storage and transportation of precious stones used in the manufacture of luxury items.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.