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Nornickel joins IBM’s Responsible Sourcing Blockchain Network

metals minerals mining commodities

Norilsk Nickel (Nornickel), the world’s largest producer of palladium and a major producer of nickel, copper and platinum, is the latest entity to join the Responsible Sourcing Blockchain Network (RSBN). The company aims to use the solution for nickel and cobalt.

RSBN enables its members to share data with other selected members and provides a permanent, immutable supply chain record of mineral production to trace and verify responsible sourcing practices in mining. All entities in the network are assessed annually by RCS Global Group against commodities sourcing requirements set by the Organization for Economic Cooperation and Development (OECD). Hence before joining the platform, Nornickel’s supply chain will be audited, from its Russian mines to refineries in Finland and Russia.

In the future, Nornickel expects the emissions or carbon intensity to be added to the blockchain for use by its customers in ESG data for end products that incorporate the minerals. Nornickel is also the founder of Atomyze, a B2B tokenization platform that represents commodities as digital assets, starting with metal-backed tokens. 

“We believe that the digital technologies of RSBN and Atomyze will create the path for Nornickel and its partners to participate in a circular value chain, tracing commodity flows in near real time as well as replacing cumbersome paperwork,” said Anton Berlin, Nornickel VP of Sales and Distribution.

RSBN’s platform was built on IBM Blockchain technology and is powered by the Linux Foundation’s Hyperledger Fabric.

Meanwhile, the RSBN network boasts several automotive industry leaders, such as Ford, VolkswagenFiat Chrysler and Volvo. One focus area is to trace cobalt, an important component for batteries used in electric cars, often associated with unethical mining practices. Glencore, the world’s largest producer of cobalt, is also a member of the network.

Glencore is also part of The Mining and Metals Blockchain Initiative, which was initiated by the World Economic Forum. 

Multiple auto companies are also working with Circulor. The blockchain startup specializes in ethical and ESG traceability and was the first to unveil a blockchain solution to ensure minerals are responsibly sourced.

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