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Russian Metals Firm Norilsk Nickel Backs IBM’s Responsible Sourcing Blockchain Pact
The technology is aimed at tracing commodity flows in near-real time.
Updated Sep 14, 2021, 10:57 a.m. Published Jan 16, 2021, 6:28 p.m.
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.
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- The Russian nickel and palladium mining company said it would use RSBN to share data with selected members and keep a supply chain record of mineral production.
- 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.
- "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," said Anton Berlin, Nornickel's vice president of sales and distribution.
- In December 2019, one of the largest cobalt producers, Glencore PLC, joined the RSBN, announcing it would use RSBN’s Hyperledger Fabric platform for its cobalt production and become a full consortium member.
Read more: Meet the Russian Oligarch Launching a Metal-Backed Crypto Token
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