How Blockchain May Help the Cobalt in Smartphones and Electric Cars Be Ethically Sourced

A real mining project is planning to utilize blockchain technology to maximize the potential of land rich with precious metal and natural resources.

Blue Hill Mining says its project is based in an "Exceptional location" in Mongolia - and that, after eight years of geological planning, research across 10 percent of its surface area has indicated that there are large quantities of copper, nickel, cobalt and gold.

A security token is being launched through Blue Hill Foundation, which is a gateway to Blue Hill Mining for early tokens buyers, the team says.

Blue Hill Mining is directly linked to 30 percent ownership of the mine and also has a stake in a peer-to-peer platform designed to connect mining companies, smelters, logistics organizations and multinationals.

In its white paper, Blue Hill Mining says that manufacturers of electric vehicles and smartphones particularly stand to gain from this blockchain-driven project, as they have the potential to save millions of dollars when acquiring the natural resources required to build their products.

Ethical and transparentBlue Hill Mining plans to implement blockchain technology throughout its project, delivering transparent data at every stage of the production process.

Records will show where raw materials were mined and how they were transported, enabling companies to purchase certificated, ethically sourced raw materials.

Amid concerns about the working conditions of those mining for cobalt, the project hopes that its approach will help companies which have come under renewed pressure to show that the components of their products have been responsibly acquired.

Plans for developmentNow that an eight-year period of technical exploration has concluded, Blue Hill Mining is intending to become fully licensed under the Swiss Financial Market Supervisory Authority by the end of the year - and aims to encourage mining companies, banks, multinationals and logistics firms to join its blockchain-based commodity trading platform.

Toward the end of 2020, it is hoped that the Blue Hill Mining platform will be "Fully operational using blockchain technology," enabling organizations to ethically source the raw materials they need at a cost that is lower than the market average.