The World Economic Forum (WEF) has entered into an agreement with the seven largest metallurgical and mining companies to introduce blockchain in these areas.
Participants in the initiative were Tata Steel, Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Tracr. The companies intend to conduct joint research on various tools based on the blockchain, which will help track all stages of production – from production to delivery.
In addition, the blockchain will help control the amount of carbon emissions and ways of producing raw materials, as well as ensure transparency of the supply chain. Companies will pool their resources to find blockchain-based solutions to “fill in all the gaps” in the metallurgy and mining sectors.
“The new initiative will require serious work. Companies need to resolve regulatory issues, as well as analyze specific examples of the use of certain solutions, ”WEF representatives said.
The leadership of the Indian company Tata Steel believes that the latest technologies will help to reduce the emission of harmful substances into the atmosphere, so the blockchain will be used not only for commercial purposes, but also to save the environment.
Last year, the WEF said that blockchain can be effectively used to solve environmental problems, as well as for decentralized management of natural resources. In May, WEF members created six boards to regulate new technologies, including the blockchain.