Release of Mintrax, a comprehensive blockchain
solution for secure, transparent, and immutable provenance
end-to-end through the mineral supply chain
TORONTO, Aug. 2, 2018 /CNW/ - Cobalt
Blockchain Inc. (the "Company" or "COBC") (TSXV:COBC) and DLT Labs
Inc. ("DLT") are pleased to announce that they have finalized their
joint venture ("JV") agreement to commercialize
MintraxTM, a fully-functional blockchain platform
providing secure and transparent methods for tracking the
provenance of metals and minerals through the entire mining supply
chain from source to end-user.
Mintrax is the first enterprise-grade blockchain platform built
from the ground up to ensure compliance with the Organisation for
Economic Co-operation and Development ("OECD") due diligence
framework for the provenance of ethically-sourced minerals. The
transactional flow of Mintrax is based on COBC's operational
experience trading certified-conflict-free metals in the
Democratic Republic of the Congo
("DRC") and work with due diligence program design firm
BetterChain, as well as DLT's deep-bench supply chain and logistics
experience with IBM's Hyperledger Fabric blockchain.
"Cobalt Blockchain is excited to be working together with DLT
Labs on what we believe will lead to a transformational shift in
our industry," said Lance Hooper,
President and Chief Operating Officer at COBC. Hooper added, "Our
aim is for the Mintrax blockchain platform to be the benchmark in
automated trust, assuring security, transparency and
immutability of the certification record for ethically-sourced
minerals."
"Consumers around the world demand secure and transparent
methods for tracking and certifying responsible manufacturing,"
said Loudon Owen, Chairman and Chief
Executive Officer of DLT Labs. Owen added, "Organizations are not
just experiencing digital transformation, they are also achieving
ethical transformation. Unquestionably ethical supply chains
are not just the right path, they are the only path."
Patrick Mutwale, Managing Director at DLT Labs, is project lead
for the Mintrax development initiative. This successful product
launch builds on a wide range of expert contributions, including
DLT's international blockchain logistics asset tracking practice
and COBC's mineral operations, with oversight from Dr. Samuel Peralta and Lance
Hooper of COBC, and the work of Africa-based entrepreneur Imran Patel.
COBC intends to provide conflict-free cobalt to address
burgeoning demand for advanced batteries in smartphones and
electric vehicles and is gearing up to begin cobalt trading early
in the fourth quarter of 2018. COBC holds export trading licenses
for cobalt, copper, and 3T metals (tin, tantalum, tungsten) from
the DRC.
While the new platform is being implemented first for cobalt, it
is designed for companies trading in all base and precious
minerals, including for 3T metals, diamonds and gold.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource
company expanding its exploration and development business to
include cobalt assets in the Democratic
Republic of the Congo ("DRC"); it holds export trading
licenses for 3T, copper and cobalt from the DRC. COBC is the
first mining and mineral trade company set up specifically to
procure cobalt in compliance with the Organisation for Economic
Co-operation and Development ("OECD") due diligence framework.
COBC, with its partner DLT Labs, has developed and is implementing
a blockchain-based reporting platform to provide greater certainty
of provenance and further assurance that all minerals procured are
ethically-sourced. Senior management have over twelve years of
experience working in the DRC and a proven international track
record in exploration success and the trading of certified
conflict-free, child-labour-free minerals.
About DLT Labs Inc.
DLT Labs is a global leader in distributed data management
solutions powered by blockchain, with offices in Canada, India
and Japan. With advanced
competency in technical innovation and a pool of highly skilled and
experienced blockchain experts, DLT Labs enables simplification and
optimization of multi-party processes of clients using its full
suite of secure and scalable blockchain products. DLT is an
Authorized IBM Business Partner, technology partner of the Bombay
Stock Exchange, member of the Blockchain in Transportation Alliance
(BiTA), and a partner of Enterprise Ethereum Alliance, Hyperledger
and Linux Foundation.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cobalt Blockchain Inc.