Rwanda is examining how blockchain technology could improve the supply chain for tantalum, amid international efforts to resolve issues around so-called conflict minerals.
The metal, which is used in several types of consumer electronics, is a significant export in Rwanda, with concentrates from the country accounting for as much as 50% of total global supply according to some measures. However, there is concern internationally around conflict extractions—mining in areas of conflict, with proceeds which often feed into funding and perpetuating fighting between warring armies and factions.
In a statement, Rwandan minister Francis Gatare, CEO of the country’s Mining, Petroleum and Gas Board, said a new blockchain platform has already been implemented by one of Rwanda’s major exporters.
Mineral markets have become increasingly reluctant to do business with Rwandan companies trading in tantalum and other minerals, amid ongoing conflict in the country. Thus a blockchain platform which can accurately check the supply chain from origin to market could be a significant benefit to the tantalum industry there.
In delivering the blockchain platform, the government of Rwanda has drafted in the help of Circulor, a London-based blockchain startup pioneering a supply chain blockchain built on the Hyperledger consortium’s Fabric platform.
The platform is already being used by mining firm PRG Resources, which took part in initial trials of the platform, and then migrated to using the technology in its production. The plan now will see the platform rolled out across the wider mining sector in Rwanda. CEO of Circulor Douglas Johnson-Poensgen said the platform will add significant value to miners in Rwanda.
“Circulor will not only assist miners in Rwanda to adhere to strict guidelines laid out in international agreements to remove conflict minerals from the supply chain but will also record all the production stages before a smartphone or computer reaches the consumer,” he explained.
Blockchain technology has become increasingly relevant to extraction industries in recent months, with mining companies in particular turning to blockchain technology for tracking provenance.
Back in May, diamond firm De Beers conducted blockchain trials through the diamond supply chain, while China-based ZhongAn Technology released a similar model for tracking gems from origin to market.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Paxful, a peer-to-peer marketplace, is reportedly looking at the cryptocurrency market’s growth potential in East Africa. The startup has already set up shop in Rwanda, ventured into Kenya, and has grown over the last three years into a global peer-to-peer crypto marketplace. It reportedly handles $15 million in crypto transactions, BTC in particular, per week from across the world. This rapid expansion has solidified its place among major reputable crypto players and offers enhancements in both security and efficiency.
Paxful has over 1 million active monthly users from around the world. This is because it has partnered with popular payment platforms such as PayPal, Western Union, Amazon Gift Cards and iTunes Gift cards.
Paxful’s entry into the East African scene is at a time when crypto penetration in Africa is at an all-time high. According to recent studies, one in three Kenyans owns a crypto wallet. Additionally, Kenya’s M-PESA system, a mobile phone-based money transfer and micro-financing service, recently announced the launch of its own crypto device. This will make it convenient for Kenyans to buy and sell cryptos on peer-to-peer marketplaces.
A tokenization drive has been initiated in Rwanda to help steer the crypto market. It has helped connect buyers and sellers to easily trade cryptocurrencies like BTC. This has been aided by the fact that the platform has no buyer fee and a minimal 1% seller fee in online shopping, which has attracted the attention of many online shoppers.
In Rwanda, Paxful is engaged in a project called #BuiltWithBitcoin in conjunction with the non-profit organization Zam Zam Water. The project aims to a school for 6- to 15-year-olds. Previously, the charity initiative funded launched a school in Bugesera in the Nyamata Sector for 3- to 6-year-olds. The aim is to promote charity within the crypto community and to improve and change lives for a better world, according to Paxful CEO Ray Youssef.
The developments in Rwanda and Kenya reflect the growing demand for investing in crypto in East Africa. In Kenya, for instance, more and more people are becoming more confident in dealing with cryptocurrency despite it being new and coming with a learning curve. Most people have come to accept its plethora of benefits. It offers massive wealth distribution globally as well, and presents financial freedom to individuals.
Crypto ventures have the potential to be the initiator of many emerging fundamentals of economic growth in the East African region if the right balance is found.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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