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Finboot partners with tech startup Minexx to improve mineral supply chains

Thursday 10 October 2019 11:03 CET | News

Spain-based SaaS platform provider Finboot has announced it has partnered with Minexx, a UK-based tech startup to improve mineral supply chains with DLT.

Finboot’s MARCO is an SaaS platform delivering blockchain capability within value and supply chains. By integrating this into its MineSmart platform, Minexx is now able to certify mineral production and tokenise the credentials, allowing these to be sent across the digital value chain to bring trust to the process.

Origin data from the mine site passes through seven stages from mine to manufacturer and can be changed along this journey, damaging its credibility. This is particularly problematic for EU and US companies, which are subject to legal requirements for traceability and responsible sourcing.

Minexx’s MineSmart platform aims to address this issue by giving technology companies transparency on the mineral origin to avoid funding conflict or child labour, while also giving them the control to make contracts with the miners directly. In turn, the miners benefit from a fair price for their minerals and access to mining equipment and life changing services, such as electricity and insurance.


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Keywords: Finboot, MARCO, Minexx, Spain, Austria, mineral supply chain, supply chain management, e-procurement, B2B payments, blockchain, DLT, SaaS platform
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Countries: World