Fun

7 Mining Heavyweights Partner With WEF on Blockchain Sourcing Initiative

News Feed - 2019-10-25 10:10:03

Seven major mining and metal companies have inked an agreement with the World Economic Forum (WEF) to develop and deploy blockchain tools to assist with sourcing materials more responsibly and sustainably.


The Mining and Metals Blockchain Initiative – consisting of founding members Tata Steel, Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Anglo American/De Beers (Tracr) – will investigate the creation of a blockchain solutions for the tracking and tracing of materials along with the associated carbon emissions, the WEF announced on Friday.


The group hopes the effort will allow the pooling of resources and costs between participants, alongside the larger aim of addressing inefficiencies and lack of interoperability in the sector.


“This new initiative is owned and driven by the industry, for the industry. Members will examine issues related to governance, develop case studies and establish a working group,” the WEF said.


Further, the group plans initially to develop joint proofs-of-concept for a shared blockchain platform.


The WEF will provide access to technology and expertise to help the industry participants “better understand the impact and potential of blockchain technology.”


“As a responsible player in the mining and metals industry, we are committed to build a sustainable future,” said T.V. Narendran, CEO of Tata Steel. “We believe enhanced collaboration across the industry to facilitate collective action, leveraging technology to reduce emissions, and conserving the environment is imperative and critical in our journey towards attaining a carbon-neutral future.”


The WEF has become a strident advocate for blockchain applications in numerous areas, releasing a September 2018 study identifying 65 use-cases for blockchain in urgent environmental challenges. More WEF research same month claimed $1 trillion was lying on the table for trade finance once blockchain technology is implemented.


Mining image via Shutterstock

News Feed

Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy
Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy With the recent coronavirus spread and its overall effect on the global economy, some people beli
Bitcoin’s Four-Month Bear Trend Intact Even After 16% Price Rise
View Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week. Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case w
BigONE Exchange Unveils Star Program
BigONE Exchange Unveils Star ProgramBigONE, one of the world’s safest cryptocurrency trading platforms, is excited to launch its new Star Program, a referral system that comes
Study: 54% of UAE and Saudi Arabia Survey Respondents Said Crypto Should Be Used for Payments
Study: 54% of UAE and Saudi Arabia Survey Respondents Said Crypto Should Be Used for Payments An average of 54% of survey respondents from Saudi Arabia and the United Arab Emirates
Square Enix to Deepen Its Blockchain Efforts in 2023
Square Enix to Deepen Its Blockchain Efforts in 2023 Square Enix, the Japanese gaming giant, is preparing to announce more blockchain-based titles in 2023. As part of a now traditi
XRP Price Sets Bullish Flag Continuation On The Daily Chart, Next Stop $10?
Este artículo también está disponible en español. The XRP price has been one of the best altcoin performers over the last few months, going from below $0.6 to over $2.8 i
Hackers Offer to Sell Belarus President Lukashenko’s Passport as NFT
Hackers Offer to Sell Belarus President Lukashenko’s Passport as NFT Anti-government hackers have attempted to sell what they say is an NFT of Belarus President Alexander Lukashe
Former Fed Chair Alan Greenspan Says Decreasing Supply of Greenbacks Makes the US Dollar a ‘Better Store of Value’
Former Fed Chair Alan Greenspan Says Decreasing Supply of Greenbacks Makes the US Dollar a "Better Store of Value’ On Nov. 2, 2022, the American economist and 13th chairman of th
Why Is Alchemy Pay (ACH) On The Rise?
Why Is Alchemy Pay (ACH) On The Rise? press release PRESS RELEASE.July has seen a jump in crypto prices, and none more so than the utility token of Alchemy Pay, ACH.
Savannah Fortis39 minutes agoYouTube says creators must disclose gen AI use or face suspensionYouTube’s updated community guidelines include new disclosure requirements for AI-generated content, its new standards for
Mutual Bank in New Jersey to Give Customers the Ability to Buy, Sell and Hold Cryptocurrency
Mutual Bank in New Jersey to Give Customers the Ability to Buy, Sell and Hold Cryptocurrency Manasquan Bank, a mutual community bank in New Jersey serving residents since 1874, has
Visa Token Service reaches 1B tokens served in Asia-Pacific market
Tristan Greene5 hours agoVisa Token Service reaches 1B tokens served in Asia-Pacific marketAccording to Visa, its tokens brought an “uplift” of more than $2 billion to the Asia-Pacific market in 2023.1021 Total views