Singapore-based blockchain startup BitCherry has signed a strategic agreement with the government of Congo (DRC). This move is in a bid to leverage blockchain technology in the tracking of new energy raw materials and ensure they come from legal sources.
With this new partnership, BitCherry will use its blockchain platform to digitize Congo’s new energy assets which will then be circulated as a financial asset in the capital market. If successful, it will be a game-changer, as it will strengthen the overall economic development of Congo, BitCherry said.
Ethical sourcing of minerals
The Democratic Republic of Congo is responsible for 47.9% of the world’s cobalt supply, according to the US Geological Survey (USGS). It is also the largest copper producer in Africa—Congo has 86 million tons of copper resources—accounting for 48% of global exports. These metals are two indispensable elements of today’s world economic development. But the use of child miners in illegal cobalt mining is a negative mainstay with the UNICEF reporting that there were as many as 40,000 child miners in Congo in 2014.
BitCherry hopes to address this problem and ensure that new energy resources sourcing is void of child miners’ participation. The company integrates new energy resources with blockchain, creating what it calls ‘world-wide “Blockchain + new energy” eco-economy’. The platform digitizes and link data about new energy raw materials, including raw material sources, material storage, resource management, and resource supply chain.
BitCherry CEO Paul commented:
“We believe that legitimate sources of legal raw materials are of great economic importance, once the entire process is validated and scaled up, the problem of illegal cobalt mining can also be solved.”
To achieve the realization of the value of assets in circulation on the blockchain, BitCherry will also evaluate the new Congo energy and raw material data and standardize data on the chain assets. It also supports income authenticity of data and judicial data as evidence. Using smart contracts, it will then manage the exchange of trusted data through a unique consensus mechanism. All this is to ensure the complete minerals sourcing process through standardization and security of the new energy from data chain, asset chain to the transaction.
Present at the signing of the MOU were BitCherry founder and CEO Paul, BitCherry consultant and WTIA Chairman Kim as well as the Directors of the president’s office, Minister of State Infrastructure, Minister of Finance, and Minister of Mineral Resources and Energy.