The World Economic Forum and seven major mining and metal firms partners on developing responsible sourcing and sustainability practices with blockchain technology.
The Global Mining Review reported details of the new “Mining and Metals Blockchain Initiative” on Oct. 25.
Sustainability, Transparency, Efficiency
The partner parties will pool their resources together to experiment, design and deploy a proof of concept as part of an inclusive blockchain platform.
The alliance will aim to foster an industry wide trust through mutual cooperation while tackling inadequate standardization and prevent fragmentation in the sector. The blockchain initiative can aim in boosting transparency and efficiency to improve carbon emission reporting.
The members will reportedly examine issues on governance, case studies and establish a working group. The areas of development and collaboration will include carbon emissions tracking and supply chain transparency.
Jörgen Sandström, Head of the Mining and Metals Industry at the WEF, has given a statement outlining that:
“Material value chains are undergoing profound change and disruption. The industry needs to respond to the increasing demands of minerals and materials while responding to increasing demands by consumers, shareholders and regulators for a higher degree of sustainability and traceability of the products.”
Alongside the WEF, the initiative’s members are:
- Antofagasta Minerals
- The Eurasian Resources Group
- Glencore International AG, Klöckner & Co.
- Tata Steel Ltd.
International regulators and NGOs are also expected to provide input for the firms’ collaborative development of blockchain solutions for the industry.
Source: Globalminingreview.com |