Thursday, February 25, 2021
pool-ads
Home Latest News Blockchain Russian Metals Firm Norilsk Nickel Backs IBM’s Responsible Sourcing Blockchain Pact

Russian Metals Firm Norilsk Nickel Backs IBM’s Responsible Sourcing Blockchain Pact

Norilsk Nickel, a Russia-based metals company, has announced it backs IBM’s Responsible Sourcing Blockchain Network (RSBN), which supports responsible sourcing and production in mining.

The Russian nickel and palladium mining company stated that it would use RSBN to share data with selected members and keep a supply chain record of mineral production. 

According to Coindesk, the agreement would include the creation of metal-backed tokens on the global Atomyze platform that represents physical assets in digital form.

The RSBN and Atomyze platforms have been built on IBM blockchain technology and powered by the Linux Foundation’s Hyperledger Fabric.

By joining the RSBN, Nornickel has agreed to have its supply chains audited annually against key responsible-sourcing requirements by RCS Global.

Anton Berlin, Nornickel’s vice president of sales and distribution, stated:

“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.”

In December 2019, Glencore PLC, one of the largest cobalt producers, joined the RSBN, announcing it would use RSBN’s Hyperledger Fabric platform for its cobalt production and become a full consortium member.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

SourceCoinDesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read