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Since its inception, blockchain technology has been penetrating hundreds of business sectors across the world ranging from banking operations to the shipping industry. With traditional methods proving inefficient in a world where efficiency is paramount, blockchain technology is being seen as a key driver to help businesses streamline their operations.
The most recent development in this area involves the World Economic Forum (WEF) collaborating with seven metal and mining juggernauts to integrate blockchain into its internal activities. The partnership aims to pool their resources to create a solution that would provide a fast, secure, and transparent operations – all of which can be done by blockchain tech with minimal hiccups.
Called the Mining and Metals Blockchain Initiative, the collaboration has brought in Tata Steel, Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Anglo American/De Beers (Tracr). The consortium’s main goals are divided into several parts, the announcement read.
Initiative to address multiple inefficiencies
One of the project’s aim is to provide tracking and supply chain transparency, which will eventually strengthen the trust between those who are involved in each transaction. With blockchain governing the movement of products from point A to point B, it will be easier to monitor the shipment’s origin, the manner in which the product has been produced, its movement through various ports, and its arrival to the desired location. It’s also poised to reduce emissions to help with the growing concern of climate change.
To make matters smoother, blockchain tech will provide real-time tracking of shipments, allowing companies to anticipate what’s the next logical step for the supply chain. Klöckner & Co. CEO Gisbert Rühl has expressed his excitement over the initiative’s promise.
The consortium aims to use blockchain tech to reduce operational costs
“We need more collaboration in our industry to address supply chain transparency and inefficiencies. This blockchain consortium – with collaboration between forwarding thinking companies, and regulators, NGOs and technology providers – with blockchain and distributed ledger technology has a great potential for industry adoption and value creation,” Gisbert said.
This partnership is projected to save the companies millions of dollars annually as it will drastically decrease – or even eliminate –existing inefficiencies in the supply chain operation. As for the WEF, it will continue to work with other industries in an attempt to modernize an archaic system.
