The World Economic Forum’s Mining and Metals Blockchain Initiative has released a proof of concept that uses distributed ledger technology to track embedded greenhouse gas emissions.
The initiative in collaboration between seven leading industry players and the World Economic Forum has hit an important stage of development since its launch in October 2019.
The successful completion of the proof of concept — Carbon Tracing Platform (COT) — will be critical for traceability of emissions from mine to the final product.
The COT platform uses distributed ledger technology to track CO2 emissions.
Also read: Tata Steel launches alloy-coated, corrosion-resistant Galvanova
The founding members of the MMBI – Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur and Tata Steel joined forces last October to design and explore blockchain solutions to accelerate responsible sourcing in the industry.
By pooling resources and costs, the mining and metals companies aim to accelerate future adoption of a solution for supply chain visibility and ESG requirements.
Developed in collaboration with industry experts, supported by the Dutch blockchain champion Kryha and Consortium Advisor Susan Joseph, it not only tests the technological feasibility of the solution, but also explores the complexities of the supply chain dynamics and sets requirements for future data utilisation. In doing so, the proof of concept responds to demands from stakeholders to create “mine to market” visibility and accountability.
TV Narendran, Managing Director, Tata Steel, said MMBI’s proof of concept is a first practical step to create a solution facilitated by blockchain technology to reduce emissions and conserve the environment.