Britannia Mining, Inc., a natural resources development company, on Friday announced its strategic alliance with Everledger Ltd, a UK-based blockchain startup company. The partnership will enable Britannia to advance its growth strategy and support a vision to reduce risk and add greater transparency in diamond procurement.
“Our goal is to position the Company to leverage the best practices for our downstream sales business. This year we plan to incorporate innovative and proven technologies to address some of the obstacles we have seen impede mineral commodity trading, such as slow inefficient paper based systems, risk, theft and fraud”, said CEO Kenneth Roberts. “We believe that this collaboration with Everledger presents the best opportunity for us to embrace state-of-the art digital solutions to reduce risk and improve the execution of trading deals”.
Everledger uses the blockchain technology as a distributed registry for diamonds. It captures the full DNA of certified diamonds and uploads that to its ledger stored on the Blockchain. It acts as verification for insurance companies, owners and law enforcement. The company recently won $10,000 at FinTech Finals 2016.
Britannia Mining Inc. was formed upon the merging of public market company Micron Enviro Systems (MSVS) and Britannia Mining Plc (UK). Britannia Mining Inc. is New York-based and listed under BMIN on OTC Markets Pink. It has shifted its focus from exploring to trading mineral commodities enabling it to participate across the entire value chain.
“We apply our background of exploration, financing, operations, logistics, to a broad range of commodities: Ferrous and Non Ferrous Metals, Gemstones, Oil and Petroleum, Precious Metals, Timber”, the company says in its website.
According to the alliance partners, Everledger’s proprietary ledger has the potential to facilitate tracking rough diamonds and other high value minerals and metals from mine pit/shaft through to end buyer. Verifiable information of the origin of diamonds is particularly important for Know Your Supplier (KYS) compliance.
