Kenyan startup Sawa Minerals has launched a blockchain-based trading platform that aims to bring transparency to the mining industry using smart contracts.
Launched in March, Sawa Minerals uses blockchain-backed smart contracts to make it easy to buy and sell ethically-mined precious metals and stones in a safe and transparent manner.
The startup’s name is derived from the Swahili word for “fine”, with co-founder Kali Angwa saying this captured the purpose of the platform, which assures buyers of ethically-mined, genuine minerals and miners of decent pay.
Sawa Minerals’ ultimate goal is to bring transparency to the space, and ensure that artisans and small-scale miners are part of an inclusive value chain, with Angwa saying artisans and small-scale miners in developing countries now have the opportunity to be part of an inclusive platform that respects and puts their needs first.
“Artisanal, small-scale mining is an important supplier to key sectors of the global economy including construction, jewellery and electronics,” he said.
Sawa Minerals will also play an active role in guiding the miners to become compliant with their countries’ regulations.