World Economic Forum Unveils ‘Mining and Metals Blockchain Initiative’
October 27, 2019
World Economic Forum Unveils ‘Mining and Metals Blockchain Initiative’
October 27, 2019

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:

ALSO READ :  Blockchain tech market to exceed $16B by 2024

International regulators and NGOs are also expected to provide input for the firms’ collaborative development of blockchain solutions for the industry.


Source: Globalminingreview.com |


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!