At LITH LLC (dba. Lith Labs™), we are proud to have entered into a strategic partnership with Ensorcia Metals and OrionOne Global, aimed at providing end-to-end traceability across the lithium supply chain. This partnership was formed in the wake of increased pressure on electric vehicle (EV) makers and battery producers to track the human rights and environmental impact of their supply chains. We aim to ensure transparent and traceable lithium production and sourcing and to help stakeholders calculate the embedded carbon footprint and other environmental metrics of their products with greater accuracy.
Lith Labs™ is a blockchain startup that is determined to revolutionize traditional business practices through decentralization and sound environmental, social, and governance (ESG) practices. At the heart of our ecosystem lies Lith Token ($LITx), which is a utility token on the Ethereum Blockchain that is utilized for exchange, rewards, and governance within the ecosystem. Our company has also created a patent-pending key exchange known as the NOANE Protocol™, which makes it possible for physical objects to be identified on the blockchain. We recently launched the NFT marketplace, Shoplith.com (early beta), which is the first marketplace to utilize the NOANE Protocol™ for physical NFT integration.
The NOANE Protocol™ In Action
In collaboration with OrionOne Global, we are working to develop a comprehensive ESG management dashboard. OrionOne™ will provide the front-end user interface, including integration of disparate systems and real-time data sharing and decision-making. The NOANE Protocol™ will serve as the backbone of the solution, providing a secure and transparent connection to the blockchain. This protocol enables verification of both physical assets and the documentation and data associated with them, ensuring that all supply chain and ESG data is accurate and tamper-proof. Ensorcia Metals will be one of the first companies to incorporate the dashboard and blockchain supply chain tracking system.
Ensorcia Metals is a private company focused on acquiring and developing advanced proprietary technologies and facilities in the metals industry, leveraging faster, better, and more economical technologies to extract and upgrade valuable commodities. They are currently implementing the use of an innovative direct lithium extraction technique developed by International Battery Metals (IBAT). This technique, which is powered by selective absorption technology, has the lowest level of environmental impact and water footprint of any lithium production technique currently in use. In 2021, Ensorcia announced an agreement with UK auto manufacturer TVR to provide funding for a joint venture within the EV industry.
OrionOne Global is a leader in web-based global logistics software, providing a multi-tenant platform that streamlines the supply chain management process. The platform facilitates collaboration among stakeholders managing the throughput of shipments, regardless of the systems they use. The company is also partnered with VeChain, a leading enterprise blockchain platform.
Providing Real-Time Data Sharing
Through our partnership with these two companies, we will enable carmakers, battery manufacturers, and other stakeholders to calculate the embedded carbon footprint and other environmental metrics of their products with greater accuracy. The dashboard will provide real-time data sharing, enabling stakeholders to make informed decisions about the sustainability and responsibility of their supply chains.
The importance of transparent and traceable supply chains cannot be overstated, particularly in the transition towards more sustainable energy sources. New regulation also dictates that the carbon footprints of rechargeable EVs, light transport, and industrial batteries sold in Europe must be disclosed starting in 2024, and they must comply with a CO2 emissions limit from 2027 onward.
The Fight Against Greenwashing
As the demand for sustainable products and services continues to grow, the importance of accurate ESG data and supply chain transparency will only increase. Greenwashing is a common practice where companies make false or exaggerated claims about their environmental sustainability to improve their brand image. This has become a growing concern for consumers and investors, who are increasingly interested in sustainability and ESG factors. Through partnerships with companies like OrionOne Global and Ensorcia Metals and development of innovative blockchain technology, Lith Labs™ is positioned to be a leader in the fight against greenwashing.
Blockchain technology provides a transparent and immutable ledger, which means that all transactions and data recorded on the blockchain cannot be altered or deleted. This makes it difficult for companies to manipulate or misrepresent their environmental impact or sustainability practices. By utilizing blockchain technology, we can ensure that all stakeholders have access to accurate ESG data, and can hold companies accountable for their sustainability practices. This can also lead to greater transparency and accountability across the entire supply chain, from raw material extraction to product disposal.
At Lith Labs™, we believe that transparent and traceable supply chains are essential in creating a sustainable future. Our partnership with OrionOne Global and Ensorcia Metals sets a new standard for the industry and provides stakeholders with accurate ESG data. By leveraging blockchain technology, we are pioneering a new era of sustainability that benefits all stakeholders. We are excited to continue our work towards a more sustainable future.