Canadian technology company creates metals supply chain software to combat fraud
Aurubis AG uncovered a large-scale fraud in September involving shipments of scrap metal that it uses to feed its copper smelters, with potential losses running into hundreds of millions of euros.
A Canadian technology start-up with backing from the Industrial Research Assistance Program (IRAP) – the technology arm of the government – says it has developed a secure digital platform to create accountability and transparency within the supply chain.
Pointing out that the multi-trillion dollar commodities industry still primarily operates on physical paper and spreadsheets for its transactions, Alberta-based Daniola created a digital platform that connects metals buyers and sellers and vendors on a three-way marketplace.
The company, whose primary market is Africa, said it has developed a secure and end-to-end solution, enabling users to track the journey of minerals and metals, starting from the mine through to possession, ensuring the user has full knowledge of where the materials originated.