The World Economic Forum (WEF), a non-profit organization that is dedicated to the forward advancement of the world, has launched a blockchain initiative, aimed at sourcing of metals.
The Forum made an announcement on Friday, dubbing it, “Mining and Metals Blockchain Initiative” the initiative will experiment, design and deploy blockchain solutions that will speed up responsible sourcing, the WEF announced Friday.
Founding members of the initiative include seven mining and metals companies who have joined the Forum from Antofagasta Minerals (Chile), Eurasian Resources Group Sàrl (Luxembourg), Glencore (Switzerland), Klöckner & Co (Germany), Minsur SA (Peru), Tata Steel (India) and Anglo American/De Beers/Tracr (UK).
The non-profit organization added that many blockchain projects that support responsible sourcing have been bilateral and lack interoperability. The Mining and Metals Blockchain Initiative, by the industry and for the industry, aims to resolve those issues.