The World Economic Forum (WEF) along with seven metals and mining companies, announced a blockchain consortium to enable supply chain transparency and develop sustainability solutions.
Founding members of
The Mining and Metals Blockchain Initiative include Antofagasta Minerals, Eurasian Resources Group Sàrl, Glencore, Klöckner & Co, Minsur, Tata Steel and Anglo American/De Beers (Tracr). Tracr is the diamond blockchain project initiated by De Beers which also involves Russian miner ALROSA.
There are several other metals and mining consortiums, but this latest initiative boasts many industry heavyweights with backing from WEF. The consortium will primarily work on addressing the lack of standardizations, track the provenance of the material, increase efficiency and track carbon emissions.
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