World Economic Forum to build blockchain platform for responsible sourcing of metals

The World Economic Forum (WEF), a non-profit organization committed to improving the state of the world, has launched a blockchain initiative, aimed at responsible sourcing of metals.

The effort, dubbed the Mining and Metals Blockchain Initiative, will experiment, design and deploy blockchain solutions that will speed up responsible sourcing, the WEF announced Friday.

Seven mining and metals companies across the countries - Antofagasta Minerals (Chile), Eurasian Resources Group Sàrl (Luxembourg), Glencore (Switzerland), Klöckner & Co (Germany), Minsur SA (Peru), Tata Steel (India) and Anglo American/De Beers/Tracr (UK) - have joined the WEF as founding members of the initiative.

“The group will look to develop joint proof-of-concepts for an inclusive blockchain platform. Over time, this could help the industry collectively increase transparency, efficiency or improve reporting of carbon emissions,” said the WEF.

The non-profit organization added that many blockchain projects that support responsible sourcing have been bilateral and lack interoperability. The Mining and Metals Blockchain Initiative, by the industry and for the industry, aims to resolve those issues.

“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,” said Ivan Arriagada, CEO of Antofagasta Minerals.