World Economic Forum Partners with Mining Companies to Design Blockchain Solutions
According to a Medium post released on Oct. 25, seven major mining and metals companies have decided to partner with the World Economic Forum (WEF) to experiment, design, deploy blockchain solutions and sustainably maximize blockchain sourcing of raw materials. The companies will build a sustainable blockchain platform, report carbon emissions, increase efficiency, track materials, and address transparency.
As reported in the news, Eurasian Resources Group Sàrl, Antofagasta Minerals, Anglo American/De Beers Glencore, Klöckner & Co, Minsur SA, and Tata Steel Limited are the pioneers of WEF.
In reaction to such remarkable partnership, Ivan Arriagada, CEO of Antofagasta Minerals, noted that the company expects this collaboration to grant them feasible illustrations of how blockchain can foster efficiency, address risk and unlock opportunities.
“We hope this collaboration and pilot will give us practical examples of how blockchain can increase efficiency of the supply chain management and improve interoperability; address certain supply chain management risks such as transparency and consumer trust, and unlock opportunities including the integration of key data such on environmental impact such carbon emissions,” Arriagada said.
Through this act of collaboration, the WEF offered its platform as a guide to industry leaders, which will ensure that they understand the effect and scope of blockchain technology. Following from this, Jörgen Sandström, the Head of the Mining and Metals Industry, World Economic Forum commented:
“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.”
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