- Madini integrates with VeChain protocol to increase reliability and sustainability in Africa’s mining industry.
- Blockchain VeChaThor will enable meta transactions on Madini’s platform.
The Madini Decentralized Marketplace has been integrated with VeChain. Developed in Kenya by Bluegate Business Solutions LTD, Madini has been created to be a marketplace that offers “the best for all in the African industry”. From refineries, traders, miners, retailers, Madini’s platform allows its users to buy, sell, and offer services related to the mining industry in Africa.
Madini’s market also aims to “build a transparent supply chain” in its transactions and operators. In this way, Bluegate seeks to increase trust and sustainability in the African mineral industry. Cooperation with VeChain will be key to achieving its objectives. The company assures the following:
At Madini, we believe VeChain has the potential to powerfully disrupt many aspects of how Mineral Markets work, and provide trust, transparency, and security to the supply chain. This includes artisans and small-scale miners being part of our inclusive value chain that underpin human health, wellbeing, livelihoods, jobs and sustainable growth.
VeChain drives innovation in the African mining industry
Bluegate has chosen VeChain to integrate it with its mineral market because of its “hybrid” features that make it adaptable, accessible, and oriented to solving “real world” economic use cases. Through the integration, Madini will be able to record the history of its products so that its customers and other interested parties can verify their authenticity. Users will be able to use:
Multi-task Transaction (MTT) Multi-function atomic transactions allow developers to batch payments, add multiple calls to different contract functions into one transaction and determine their sequence. Controllable Transaction Lifecycle With BlockRef and Expiration transaction fields, users can set the time when transaction is processed or expired if not being included in a block.
In addition, VeChain’s blockchain will enable meta transaction features. Thus, market users will be able to make multi-use transactions, transactions with controllable life cycles, dependency transactions. The added features will make the user experience more “user friendly”.
The platform will also have a Madini token (MDN) for users to manage transactions, tokenize assets, and send remittances. These functions will be part of the Madini Ecosystem for decentralized applications (DApps).
By leveraging VeChainThor, this ecosystem will provide tools such as the possibility of taking a mineral, tokenizing it, and managing it through the Madini wallet. The token is a key piece in, as the team behind the platform states, “responding to inefficiencies in the existing financial system” by connecting individuals to the “global digital economy”:
The immutable data on the blockchain enables companies to increase the efficiency of compliance review, government supervision, logistics and supplier evaluation and more. Companies will also gain access to world leading third-party services through the VeChain global partner network, including PwC and Deloitte, and more (…).