The World Economic Forum is marketing the blockchain-based greenhouse gas tracking project.
According to an announcement on December 15, the WEF’s Blockchain Mining and Minerals Initiative, or MMBI, released a proof of carbon tracking concept for mining and mineral companies. This initiative is the result of a collaboration between WEF and seven industrial companies: Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur and Tata Steel.
The project was originally announced in October 2019 with the goal of creating responsible sourcing and sustainable development using the blockchain. The initiative aims to accelerate the industrial solution to supply chain transparency and advance environmental, social and business requirements using the blockchain.
As part of the successful implementation of the proof-of-concept, MMBI has introduced a new carbon tracking platform known as COT. The platform uses distributed ledger technology to track carbon emissions, providing the ability to track emissions from the mine to the final product.
According to the announcement, the COT platform was developed in cooperation with industry experts such as Dutch cryptocurrency startup Kryha and Susan Joseph, consortium advisor at MMBI.
Nadia Hewitt, Head of the WEF Blockchain Project, confirmed that the blockchain plays an important role in connecting industry firms:
“The distributed nature of blockchain technology enables collaboration between companies and makes it an ideal network technology […]. This opens up exciting new opportunities that organizations will not be able to achieve on their own.”
Antofagasta Minerals CEO Evan Ariagada said the new evidence concept shows how companies can collaborate using the blockchain “to add value to the entire supply chain.”
A number of companies and organizations around the world are actively exploring the benefits of blockchain technology for tracking carbon emissions. In April 2020, the International Chamber of Commerce launched its new carbon board initiative using blockchain to increase liquidity in the carbon market. In October 2019, AirCarbon’s Digital Carbon Exchange launched the symbolic carbon credit trading platform for airlines and the airline industry in Singapore.