WEF Releases Blockchain Initiative For Mining Industry

Asia Blockchain Review
November 11, 2019

The World Economic Forum (WEF) and seven major mining and metal firms have collaborated to develop a blockchain-based initiative as a model for the industry with a focus on value and trust. No roadmap for the initiative has so far been released.

Blockchain: Good Fit for the Mining Industry

Blockchain technology has been adopted by the metals and mining industry due to its ability to ensure traceability and consistent verification. Accurate supply chain data provided by a blockchain system is crucial to the industry, according to Nathan Williams, CEO at Minespider, a blockchain protocol for responsible mineral sourcing. Williams stated:

“Supply chain data is very sensitive, and before blockchain there was no solution that could enable traceability without companies sacrificing their sensitive supply chain data. The only real alternative to using blockchain right now is to be content with not knowing the origins of our products.”

Richard Verkley, CEO at Karuschain, a company that develops blockchain tracing and tracking solutions for the precious metals industry, says data is managed much better with blockchain, which can ensure the source of precious metal can be traced without manipulation.

WEF Partners Positive on Blockchain Initiative

WEF recently announced in a press release that its seven partners comprise Antofagasta Minerals, the Eurasian Resources Group, Glencore International AG, Klöckner & Co, Tata Steel Ltd and Tracr (AngloAmerican and De Beers). Their collaboration seeks to enhance the transparency and efficiency of mining operations with blockchain-powered solutions.   

Benedikt Sobotka, CEO of Eurasian Resources Group, sees a positive outlook for the initiative, noting that “this blockchain consortium — with collaboration between forwarding thinking companies, and regulators, NGOs and technology providers — with blockchain and distributed ledger technology has a great potential for industry adoption and value creation.”

Source: cointelegraph.com

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