Blockchain technology is changing the world of commerce and law, now it can be used to track real world blocks instead of just digital blocks. The technology got attention thanks to the rise of Bitcoin, which is still going strong, and has been improved since then. More recent takes on the technology like Ethereum have evolved blockchains to be more robust, faster, and malleable for unique circumstances. A new startup, Peer Ledger, wants to use this technology to monitor ethical mining practices.
However, Ms. Jutla says there is mounting pressure from the international community to stop the unethical production of minerals, and she says Peer Ledger’s Mimosi product provides a solution to this problem. Mimosi uses a private permissioned blockchain, which chronologically and permanently logs information that’s copied across a computer network accessed by multiple collaborating parties. When a transaction is carried out, it’s grouped together in a cryptographically protected block. In the case of the Mimosi technology, every transaction involving a source of ore can be linked back to older blocks containing previous sales transactions for the ore. This allows Mimosi users to trace gold and other precious and industrial metals (mainly tin, tantalum and tungsten) from the refiner, to the processor, to the distributor.
Ms. Jutla is confident customers will want Mimosi. Not only does she think the technology will make it tougher for unethical sources of precious and industrial metals to make it into the supply chain, she says it will reduce a client’s compliance costs in this area by 75 per cent.