Seven mining and metals companies, including Tata Steel from India, have partnered with World Economic Forum (WEF) to accelerate responsible sourcing of raw materials with the World Economic Forum (WEF).
Besides Tata Steel, other founding members of the initiative are Antofagasta Minerals, Eurasian Resources Group Sarl, Glencore, Klockner & Co, Minsur SA and Anglo American/De Beers (Tracr).
According to sources, the initiative will work towards experimenting, designing and deploying blockchain solutions that will accelerate responsible sourcing and sustainability practices.
These companies will pool resources and cost, increase speed-to-market and improve industry-wide trust that cannot be achieved by acting individually as per reports.
It aims to be a neutral enabler for the industry, addressing the lack of standardization and improving efficiency.