A nascent technology, blockchain faces limited regulation and standardisation in the global sector. This could inevitably result in insecurity and inefficiency in the blockchain and mining industries. Minimal blockchain standardisation means that many applications are not interoperable with one another. This creates conflict and prevents blockchain’s wider, standardised use.
The Need for Standardisation
Blockchain technologies have the ability to improve transparency and traceability in mining. Currently, there are issues surrounding ethical sourcing in mineral mining. Perhaps the most prominent case of this is the sourcing of Cobalt and 3TG in the Democratic Republic of Congo, with issues of child labour and poor working conditions in the Artisanal Small Mines across the country. Consumers and companies struggle to confirm that minerals in their supply chain are ethically sourced and not combined with conflict minerals. Blockchain is a technology that brings insight into these supply chains.
The RMI Blockchain Guidelines encourage mining companies to implement blockchain into their company processes by promoting a shared understanding of traceability and due diligence tracking on the blockchain. The purpose of these guidelines is not to remove the necessity of due diligence in mineral supply chains, but rather to provide another avenue for transparency and visibility. The Guidelines endorse accessibility to all forms of actors within the supply chain, whether they be large, medium or small. They also promote a governance model that protects the application against attacks.
Blockhead Technologies has provided feedback on the draft Guidelines to assist in addressing all areas of concern. They co-contributed on the RMI guidelines with the aim of supporting standardisation and interoperability in the blockchain sector. “Blockhead Technologies is proud to have been involved with an important first step for bringing the global mining industry to a place of increased transparency and due diligence,” said Blockhead Technologies Co-founder & CTO, James Clarke. “We are confident in the capability of RMI to take a comprehensive and efficient approach to standardising blockchain and appreciate the opportunity to collaborate with the RMI and others to achieve this.”
About Blockhead Technologies
Blockhead Technologies is a software services company located in Vancouver, Canada and Perth, Western Australia that specialises in supply chain management blockchain technology. STAMP™ is Blockhead Technologies’ flagship product that uses blockchain technology to provide secure tracking, stewardship and source certification in mining supply chains. To find out more, visit blockheadtechnologies.com or email [email protected].
Josh Horneman, Advisor
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