Rwanda has now become the first country to use distributed ledger technology (DLT) for tracking Tantalum. The mining boss of the country announced a couple of days ago the launch of the first blockchain project that will track Tantalum from the pit-face until the refinery. Trade analysts believed that it is a smart move by the country to attract investors to ensure a conflict-free source of minerals.
Tracking project for Tantalum has been developed by the UK-based Circulor startup specialized in the blockchain technology in collaboration with Power Resources Group (PRG) known for conducting mining and refining operations in Macedonia and Rwanda. Francis Gatare, the chief executive of the Mines, Petroleum and Gas Board of Rwanda, stated that it is highly important for his country to prove that the Tantalum source is conflict-free and used amongst other minerals apart from mobile phones.
Gatare stated, ”Blockchain is one of the technologies that has demonstrated capabilities of providing a more efficient and effective way of delivering traceability for commodities.” As per reports, the government of Rwanda is trying to make the most of its mineral wealth for boosting its economy and is doing everything to recover from 1994’s genocide that killed 800,000 moderate Hutus and ethnic Tutsis in just 100 days.
One of the major reasons Rwanda is using distributed ledger technology for tracking Tantalum is to fight off the allegations that the country is blending its resources with smuggled minerals and using it to trigger off conflict in its neighboring country, Reuters reported.
According to the Chief Executive of Power Resources Group (PRG) Ray Power, his organization is determined to become the agent of change and is using Circulor’s version of Hyperledger Fabric for GPS tracking and facial recognition, the Africa Report reported. Power further added that the tracking system will help them to prevent corruption as it tracks the amount of material each batch of sealed bags is carrying into a refinery and until it becomes the end product.
Reports suggested that PRG has already pilot tested the distributed ledger system-based program and will continue to use it for tracking Tantalum. According to Douglas Johnson-Poensgen, who is the CEO of Circulor, they are implementing this system to bring greater transparency to the supply chain of Tantalum, reported CrowdFund Insider.
The post Rwanda First To Use Distributed Ledger Technology For Tracking Tantalum appeared first on OWLT Market.
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