Responsible Mineral Sourcing
Eliminating conflict minerals from your supply chain is not an easy task. While most global companies undergo demanding due diligence activities and source their minerals from certified mines and smelters, there is no definite way to know if conflict minerals have made their way into the supply chain, mainly through intermediaries.
Hinwise is working on an innovative solution called Minespider that will track responsibly sourced minerals at the shipment level, through the entire product life cycle, in an accurate and secure way. Using Blockchain technology, we are able to create a completely new class of documented minerals, enabling you to know and provide the exact percentage of responsibly sourced minerals used in your manufacturing process.
How it works
Our partner organizations certify mineral sources with responsible practices, and these mines receive electronic certification tokens based on their production tonnage. These certifications are audited and renewed regularly.
Whenever the material is sold and shipped, an equivalent tonnage worth of tokens is transferred to the account of the purchaser using the blockchain.
Generate reports showing the percentage of documented material that moves through your production processes.
Our solution uses certification tokens that are traded alongside mineral shipments, working similarly to a system of currency. With our software you only pay a minimal fee for making transactions or reporting. This distributes costs along the supply chain, facilitating a more equitable allocation of costs, risks and due diligence undertakings.
Blockchain allows us to include the cost of due diligence in the price the downstream user pays. This reduces the cost burden on mines in at-risk areas, and provides incentives for mines to sell legally.
Gain full confidence that any documented mineral you receive has been sourced responsibly, enabling you to comply with regulatory requirements and and adhere to ethical practices.
Good for Industry
Reliable blockchain documentation helps hinder the use undocumented minerals. Offering solutions that discourage unfair competition and unethical practices, such as child labour and slavery, promotes the protection of an entire industry of responsible mines and smelters.