World Economic Forum Reveals Blockchain Initiative

By Luke Flowers – Cryptocurrency Enthusiast

It has been revealed that the World Economic Forum and seven renowned mining and metals companies are collaborating to develop responsible blockchain-based sourcing and sustainability practices. This is in hope to bring greater trust to the supply chain.

On Oct. 25th, the Global Mining Review reported details of the new “Mining and Metals Blockchain Initiative."

The WEF along with its seven partners plan on pooling their resources to experiment with, design and deploy a joint proof-of-concept as part of an inclusive blockchain platform. Details have not been released on if users will be able to buy crypto to use within the blockchain to power the system, much like when you buy Ethereum to power smart contracts.

Instead of acting individually, the initiative hopes to foster industry-wide trust through cooperation in order to tackle inappropriate standardisation and prevent fragmentation in the sector. By doing so it may help to improve interoperability in which we could buy cryptocurrency on one chain for use on another.

This initiative has the potential to help the industry to not only increase transparency and efficiency, but also improve carbon emission reporting and help to reduce emissions.

The members will reportedly develop case studies, examine issues related to government as well as establish a working group. Important areas of development and collaboration will include supply chain transparency and carbon emissions tracking - with projects that are capable of tackling chain of custody, production methods, and provenance tracking.

Head of the Mining and Metals Industry at WEF, Jorgen Sandstrom gave a statement on his beliefs of the technology. He believes the material value chains are to experience major changes as the industry needs to respond to increasing demand from both minerals, materials, regulators, consumers and shareholders.

Other members besides the WEF, include the Eurasian Resources Group, Antofagasta Minerals, Tata Steel Ltd. and Tracr, Glencore International AG, Klöckner & Co.

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