On December 15, the World Economic Forum revealed its successful testing with blockchain. The project has been in its planning phase since last year, but this year, the forum had its most dominant decisions. The forum explained that the Mining and Metal blockchain initiative had a successful proof of concept which would help the team move on to the next step of the development. The purpose of this elaborate testing is to check greenhouse gas emissions. A lot of progress has been made to tracing those emissions, some sources claim.

The team behind the testing and trials initiative

The team has different people in the circle headed mainly by the renowned forum with several other companies that contributed to the initiative. Some of the companies are the Anglo American, Eurasian Resources, Klöckner and co, Tata steel, Antofagasta mineral, Minsur and Glencore.

They have relentlessly been part of the initiative for the greater good. The project was developed with the blockchain technology in mind, and the initiative started late last year to help the community efficiently source and sustain itself with the innovation. Blockchain is to help the project form a clear and precise chain to help the supply of resources and accelerate the product’s requirements with the help of blockchain.

The MMBI also made extra efforts after the success of their trial by creating a platform where carbon can be easily traced and called it COT. Ledger tech is the stronghold of the platform as it helps trace carbon emission and boost the traceability of the emission to the created object. MMBI created the COT alongside a Dutch company.

The WEF’s project head, Nadia Hewett, explained that the blockchain technology is a crucial tech to help industries. The head argued that blockchain’s distributed nature allows collaboration amongst different enterprises, allowing them to network and connect efficiently. The WEF member opines that the tech opens up some crucial possibilities that industries might not be able to achieve themselves.

Blockchain to improve the efficiency of industry supply chain

A top executive of Antofagasta Minerals, Ivan Arriagada, opined that the successful trial of the newly developing technology shows that there could be practical industrial cooperation between industries to optimize the value they supply chain provides.

The new development is just one out of the numerous industries exploring into the advanced technology to meet their daily needs. Countries like Thailand are integrating blockchain technology into the taxation system to check unwanted cases of tax evasion, and this shows that it Is essential in the modern days.

Benedikt Sobotka, part of the consortium and also its advisor, explained that blockchain was necessary to improve supply chain transparency and to report on carbon emissions. The CEO concluded by adding that the blockchain solution would help users know how the products they use affects the environment and that the technology has gone through its next significant phase.

Interestingly, Circular also uses the versatile technology to check minerals used in electric vehicle batteries. The team is working together to give a better and more effective service to the final consumer and at the same time, track their emission and check how it affects the environment.

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