Blockchain is a distributed ledger technology, used to synchronize digital records across multiple locations, which relies upon cryptography rather than trusted third parties to confirm transactions. Due to its characteristics, blockchain is increasingly used as a tool to increase transparency, provide provenance data and establish end-to-end traceability in mineral supply chains.
There are an increasing number of blockchain-enabled projects that are under development or have started implementation in mineral supply chains. These are often applied by a relatively limited number of supply chain actors and lack a shared understanding of definitions, concepts and data attributes.
What We Do
For blockchain technology to significantly increase transparency in mineral supply chains, it needs to be implemented by a sufficient number of supply chain actors. Furthermore, blockchain-enabled solutions should be able to exchange data across different platforms. With a goal to promote the interoperability of blockchain-enabled solutions in mineral supply chains, the RMI promotes:
- The common adoption of definitions and concepts in the application of blockchain-enabled solutions in mineral supply chains.
- Consensus on the fundamental data attributes and an industry identification (ID) system to be included at each stage of the blockchain-enabled solution.
- Increased awareness of the applicability of blockchain technology, its limitations and its impact on supply chain actors and local communities in producing countries.
RMI Blockchain Guidelines
For more information contact Leah Butler.