COBALT: Blockchain to track mineral provenance

TORONTO – Cobalt Blockchain (CoBC) and DLT Labs have signed a letter of intent to create a joint venture to provide secure, traceable and transparent methods for tracking and certifying the provenance of metals and minerals – from the mine or source to the end-user. With demand for cobalt, lithium and other metals rising as the use of electric vehicles grows, end-users are increasingly demanding that the materials they buy come from conflict-free zones. End-users are seeking to avoid material sourced from areas of human rights abuses or corruption. Using CoBC’s expertise and DLT’s Asset Track software, the partners will develop a new platform based on international blockchain standards. It will be specifically designed for companies trading in base and precious metals and diamonds as well as cobalt. The new platform will be selectively piloted before it is offered on a commercial basis, beginning with CoBC’s cobalt assets in the Democratic Republic of the Congo. Readers are urged to visit www.DLTLabs.io or CoBC’s website at www.PeatResources.com.