The World Economic Forum (WEF) and seven major mining companies have completed the initial stage of a blockchain platform that tracks carbon emissions along the mining value chain.
In a on Monday, the Mining and Metals Blockchain Initiative (MMBI) from the WEF said its proof-of-concept carbon tracing platform COT was in development for over a year. The finalized platform will track from the mine to the final product using distributed ledger technology.
The seven mining firms – Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur and Tata Steel – in 2019, aiming to develop a platform that would meet their corporate, social and environmental responsibilities.
The effort is also supported by Dutch-based blockchain firm Kryha and MMBI project manager Susan Joseph. The developmental phase will progress to the next stage of accumulating and processing stakeholder feedback.
“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,” said Tata Steel CEO T.V. Narendran.
The initiative will test the “technical feasibility” of the tech, as well as exploring the “complexities of the supply chain dynamics” in order to set the requirements for data utilization in the future, according to the WEF statement.