WEF Teams Up with Major Firms to Develop Practices for Blockchain

The World Economic Forum is working with seven major firms in the mining and metals industry to develop sustainable practices for blockchain use. Known as the Mining and Metals Blockchain Initiative, it focuses on transparency and improved reporting of carbon emissions.

Blockchain is moving from theory in the mining industry to being put in practice. According to the WEF, utilizing blockchain in this area will speed up transactions, improve compliance and sustainability and reduce paperwork. Accurate data for the supply chain could be one potential benefit of blockchain technology. It could also provide for better data management. The full history of a mineral would be available with reduced risk of forgery or other falsified information. Verification could be more consistent and transactions are easier to trace throughout the supply chain.

Sourcing the minerals used in many other products is another benefit to blockchain. For instance, it would be obvious if diamonds were harvested from war zones.

No solid details are in place, but the members of the initiative are hopeful about the results in the future.