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Mining companies will use blockchain technology

Mining industry / Ukraine

Seven major mining and metals companies have signed an agreement with the World Economic Forum (WEF) to develop and deploy blockchain tools.

Mining companies will use blockchain technology

Seven leading mining and metallurgical companies, in collaboration with the World Economic Forum (WEF), will conduct an experiment to develop and implement blockchain solutions for a more responsible and sustainable sourcing of raw materials and materials.

The experimental group includes leading metallurgical and mining companies Antofagasta Minerals, Eurasian Resources Group Sàrl, Glencore, Klöckner & Co, Minsur SA, Tata Steel Limited, Anglo American /De Beers (Tracr).

“The group will seek to develop a collaborative proof of concept for an inclusive blockchain platform. Over time, this could help the industry collectively improve transparency, efficiency or carbon reporting, ”the WEF said.

Companies that have signed an agreement with WEF will work to leverage blockchain technology to increase trust between upstream and downstream partners, to address the lack of industry standardization, and to trace origin, supply chain and production methods.

“Industry must respond to growing demands for minerals and materials, responding to growing demands from consumers, shareholders and regulators for greater sustainability and traceability of products,” commented Jorgen Sandström, Head of the Mining and Metals Division of the World Economic forum.

The new initiative will require serious work. Companies need to resolve regulatory issues and analyze specific use cases for certain solutions.

Note that there are examples of mining companies using blockchain. For example, the Kenyan startup Sawa Minerals has created a blockchain platform designed to simplify operations in the mining industry and distribute profits between traders and private miners.

Russian diamond miners are also testing the blockchain. Alrosa has announced its participation in a pilot test of the Tracr blockchain platform, created by De Beers and partners to track the supply chain of rough diamonds from mine to jewelry stores.

Volkswagen Group announced that it will use blockchain technology to track its mineral supplies.

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