Seven major mining and metal firms have collaborated with the World Economic Forum (WEF) to create and send blockchain tools to help with sourcing materials all the more sustainably and responsibly.
The Mining and Metals Blockchain Initiative – comprising of establishing members Tata Steel, Eurasian Resources Group Sarl, Antofagasta Minerals, Klockner and Co, Glencore, Minsur SA and Anglo American/De Beers (Tracr) – will research the production of a blockchain solutions for the tracking and tracing of materials alongside the related carbon emissions, the WEF revealed on October 25.
The group trusts the initiative will enable the pooling of assets and expenses between members, along with the bigger goal of tending to inefficiencies and the absence of interoperability in the sector.
“This new initiative is owned and driven by the industry, for the industry. Members will examine issues related to governance, develop case studies and establish a working group,” the WEF stated.
Furthermore, the group intends to at first create joint proof-of-concept for a common blockchain platform.
The WEF will give access to innovation and expertise to help the industry members “better understand the impact and potential of blockchain technology.”
“As a responsible player in the mining and metals industry, we are committed to build a sustainable future,” said Tata Steel CEO T.V. Narendran. “We believe enhanced collaboration across the industry to facilitate collective action, leveraging technology to reduce emissions, and conserving the environment is imperative and critical in our journey towards attaining a carbon-neutral future.”
The WEF has turned into a strident supporter for blockchain applications in various areas, publishing a September 2018 study recognizing 65 use-cases for blockchain in dire environmental difficulties. More WEF research same month asserted $1 trillion was lying on the table for trade fund once blockchain innovation is actualized.