March 4, 2024

WEF will introduce blockchain in the mining and metallurgical industries

The World Economic Forum (WEF) has entered into an agreement with seven major metallurgical andmining companies in order to introduce blockchain in these areas.

Participants in the initiative included Tata Steel,Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Tracr. The companies intend to conduct joint research on various blockchain-based tools that will help track all stages of production - from production to delivery.

In addition, blockchain will help controlcarbon emissions and raw material production methods, and will ensure supply chain transparency. Companies will pool their resources to find blockchain-based solutions to “fill in all the gaps” in the metallurgy and mining sectors.

“The new initiative will require serious work. Companies need to resolve regulatory issues, as well as analyze specific examples of the use of certain solutions, ”WEF representatives said.

The management of the Indian company Tata Steelbelieves that the latest technology will help to reduce the emission of harmful substances into the atmosphere, so the blockchain will be used not only for commercial purposes, but also to save the environment.

WEF said last year that blockchain could beeffectively applied to solve environmental problems, as well as for decentralized management of natural resources. In May, WEF members created six boards to regulate new technologies, including the blockchain.