Across Africa, much of the wealth and potential of the mining industry has been lost to inefficiency or overshadowed by news of environmental damage, exploitation, and corruption. Many miners still work individually or in small enterprises that lack the technical expertise or funds to operate more responsibly or sustainably.
As such, modernising and regulating the mining sector, among other extractive and export sectors, will be crucial to Africa's future economic potential. To support this, Two Lakes has created created a blockchain commodity trade solution that is especially designed for developing nations. Blockchain-based systems can use smart contracts and public ledgers to standardise many inefficiencies such as product registration, license validation, tax collection, and document sharing. This in turn can contribute to the creation of a regional commodities future market and further improvements to wealth distribution among the population.
Two Lakes is currently in the third of year of development, training, and implementation of this platform in collaboration with an African Central Bank and funding partners around the world.