The World Economic Forum (WEF) is progressing with its blockchain-based project tracking of greenhouse gas emissions.
It has been reported that the WEF’s Mining and Metals Blockchain Initiative (MMBI) has released a proof-of-concept to trace carbon emissions for mining and metals firms.
However, the initiative is a collaboration between the WEF and seven industry companies: Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur, and Tata Steel.
The report said that the project was initially announced in October 2019, aiming to build responsible sourcing and sustainability practices using blockchain, as the initiative aims to accelerate an industry solution for supply chain visibility and promote environmental, social and governance requirements using blockchain.
As part of the successful completion of the proof of concept, the MMBI introduced a new carbon tracing platform known as the “COT.”
The platform is using distributed ledger technology to track carbon emissions, ensuring traceability of emissions from the mine to the final product.
The COT platform was developed in collaboration with industry experts like Dutch crypto startup Kryha and Susan Joseph, a consortium advisor at the MMBI.
Nadia Hewett, the Blockchain Project Lead of WEF, said:
“The distributed nature of blockchain technology enables cross-enterprise collaboration and makes it the ultimate networked technology […] This opens exciting new possibilities that organizations otherwise would not have the capability to deliver on their own.”
Likewise, Ivan Arriagada, the CEO of Antofagasta Minerals, said that the new proof-of-concept demonstrates how companies can collaborate through blockchain to “increase value across the supply chain.”
Thus, a number of companies and organizations over the globe have been actively exploring the benefits of blockchain technology for carbon emissions tracking.