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. Overall, the land is forecasted to have one of the largest copper reserves in Asia, and it is almost as big as Lichtenstein.

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. It is hoped that this platform will deliver transparency to the industry by enabling each of these entities to make bids, while also eliminating middlemen who often take high fees for bringing these parties together.

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 transparent

Blue 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.

Find further information about the Blue Hill Foundation here

The Blue Hill Foundation is currently a 24 percent co-owner of the Blue Hill Mine, with a surface area 70 times the size of the principality of Monaco — and it is located in south Mongolia, between the industrial giants China and Russia, its white paper adds. The Blue Hill Mine got its name due to the amount of oxidized cop