Furthermore, the company is the top miner of copper, nickel and platinum. Nornickel intends to utilize the platform for cobalt and nickel.
RSBN facilitates its members to disburse info with other chosen members and offers a permanent, unalterable distribution chain data of mineral production to track and validate accountable sourcing methods employed for mining.
All partakers in the network are validated on an annual basis by RCS Global Group using benchmarks established by the Organization for Economic Cooperation and Development (OECD).
Therefore, before enrolling in the platform, a detailed audit of Nornickel will be conducted, starting from its mines in Russia to refineries in Russia and Finland.
In the months ahead, Nornickel anticipates the carbon emission to be included in the blockchain for utilization by its clients in ESG info for final products that use the minerals. Notably, Atomyze, a platform facilitating B2B tokenization, was also founded by Nornickel. To begin with the platform has tokenized metals.
Anton Berlin, Nornickel VP of Sales and Distribution, said:
“We believe that the digital technologies of RSBN and Atomyze will create the path for Nornickel and its partners to participate in a circular value chain, tracing commodity flows in near real time as well as replacing cumbersome paperwork.”
The platform of RSBN was developed using IBM’s blockchain technology for which Hyperledger Fabric of Linux Foundation acts as the core. In the meantime, the RSBN network claims to have numerous automobile sector leaders such as Volkswagen, Ford, Volvo, Fiat and Chrysler as its customers.
The main intention is to monitor cobalt, a crucial element for batteries employed in electric vehicles, usually linked with unlawful mining activities. Glencore, the numero uno miner of cobalt, has also become the network’s member.
Glencore is also a member of the Mining and Metals Blockchain Initiative, which was started by the World Economic Forum. Several auto enterprises are associated with Circulor. The blockchain firm has considerable experience in ESG tracking and was the foremost to roll out a blockchain system to guarantee responsible outsourcing of minerals.