The COT, he said, focuses on tracking carbon emissions in the copper value chain and tracks GHG emissions from mine to smelter, and finally to original equipment manufacturers. The platform, he said, created a plan to track all essential metals from mine to market and back via recycling.
Developed in collaboration with industry experts and supported by Dutch blockchain technology company Kryha (or based in the Netherlands instead of the Dutch company) and MMBI project manager and advisor Susan Joseph, the COT uses ledger technology distributed to track carbon emissions, ensuring traceability of emissions from mine to end product, with an emphasis on end-to-end traceability.
The distributed nature of blockchain technology enables business-to-business collaboration, making it the ultimate network technology.
“TOC demonstrates that participants within and across value chains can collaborate and test practical solutions to sustainability problems that cannot be solved by individual companies,” said Sandstrom.
“Having a sector-wide approach allows us to focus on practical and viable ways to achieve our vision,” he said. “We are also exploring how best to work with other groups such as the standards and insurance groups.”
The work follows the formation of the MMBI in October 2019, which was created in response to stakeholder requests to develop the mine’s visibility and accountability in the market.
The MMBI is a collaboration between WEF and mining and metallurgical companies including Anglo American (LSE: AAL), Antofagasta Minerals (LSE: ANTO; US-OTC: ANFGY), Eurasian Resources Group (TSXV: EMX; NYSE: EMXX) , Glencore (LSE: GLEN), Klockner & Co and Minsur.
The initiative aims to embed responsible sourcing and sustainability practices in industry by accelerating an industrial solution for supply chain visibility and promoting environmental, social and governance requirements that use blockchain.
Commenting on the COT, Benedikt Sobotka, CEO of Eurasian Resources Group and co-chair of the Global Battery Alliance, said: “We believe that enhanced collaboration around blockchain technology is needed to improve supply chain transparency and reporting on carbon emissions.
“MMBI’s custom blockchain solution will allow customers to verify the environmental impact of the products they use, and we are excited to have entered the next phase of platform development,” he said. added.
The consortium is currently testing several hypotheses about the future of the platform, Sandstrom said.
“Feedback sessions with industry stakeholders will be scheduled for early 2021,” he said. “These sessions will help the group refine the vision and set the framework for the next phase.”
(This article first appeared in The Northern Miner)