On October 25, seven leading mining and metals companies have partnered with the World Economic Forum (WEF) to build blockchain platform.
As the official press announcement states, the main goal of the partnership is to accelerate responsible sourcing and sustainability practices.
It is believed that thanks to the partnership companies could track carbon emission and supply chain transparency. The blockchain will reportedly increase trust between upstream and downstream partners.
Jörgen Sandström, Head of the Mining and Metals Industry claims material value chains "are undergoing profound change and disruption."
"The industry needs to respond to the increasing demands of minerals and materials while responding to increasing demands by consumers, shareholders and regulators for a higher degree of sustainability and traceability of the products," Sandström added.
The WEF has reportedly offered its platform to help industry leaders better understand the impact and potential of blockchain technology.
Earlier iHodl reported that General Secretary of the Communist Party of China Xi Jinping said that the country's party should focus on the blockchain technology as a core one.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.