Norilsk Nickel Joins Responsible Sourcing Blockchain Network
Norilsk Nickel Joins Responsible Sourcing Blockchain Network
January 16, 2021
Norilsk Nickel Joins Responsible Sourcing Blockchain Network
Norilsk Nickel Joins Responsible Sourcing Blockchain Network
January 16, 2021

Norilsk Nickel (also known as Nornickel), the Russian-based largest producer of palladium and high-grade nickel and a large producer of platinum and copper, has joined an initiative called the Responsible Sourcing Blockchain Network (RSBN).

It has been reported that the RSBN is the outcome of an initiative by the global sourcing audit and advisory RCS Global Group. Aimed at improving the transparency, traceability, and verification of sustainable practices in the minerals and metals industries, the RSBN network is built on the IBM Blockchain platform and is powered by Hyperledger Fabric. 

However, according to the framework provided for by the Organization for Economic Cooperation and Development (OECD), to join RSBN, companies must be assessed at the outset, and then each year. These requirements are outlined in “Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.” 

According to sourcing standards laid out by an industry body known as the Responsible Minerals Initiative (RMI), RCS Global Group also audits participant companies. As an RSBN member, several of Nornickel’s supply chains will be audited across its operations from mines in the Russian Federation to refineries, both domestic and in Finland.

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The data from this audit will be tracked on the RSBN platform, providing a record of sustainable nickel and cobalt production and providing information regarding its maintenance and provenance. 

Likewise, Nornickel’s participation in RSBN comes as part of the company’s wider digital technology strategy that intends to make its supply chain more “customer-centric.”

This appears to refer both to providing more transparency and assurances about sustainable practices, and to create possibilities for Nornickel partners to trace commodity flows “in near real-time.”

Thus, Nornickel is also adopting a platform called Atomyze that tokenizes physical assets. Similar to RSBN, Atomyze uses Hyperledger, with IBM‘s participation. 

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.