Norilsk Nickel Joins Responsible Sourcing Blockchain Network
Leading producer of palladium, nickel, platinum and copper Russian Nornickel announced that it is joining the Responsible Sourcing Blockchain Network, an industry collaboration among members across the minerals supply chain using blockchain technology to support responsible sourcing and production practices from mine to market. The move to join RSBN comes after Nornickel announced a broad strategy to utilise sophisticated digital technologies to create a customer-centric supply chain, which would include metal-backed tokens on the global Atomyze platform, a tokenization platform that represents physical assets in digital form. Both the Atomyze and RSBN platforms were developed by leveraging Hyperledger technology, with IBM’s participation.
With Nornickel joining the RSBN, a series of its supply chains will be audited annually against key responsible sourcing requirements by RCS Global. The audits cover each stage of the company’s vertically integrated operations from Russian mines to refineries in Finland and Russia. Once audited against responsible sourcing requirements, each supply chain will be brought on to the RSBN and an immutable audit data trail will be captured on the platform, proving responsible nickel and cobalt production, its maintenance and its ethical provenance.
Integration with RSBN is yet another step for Nornickel towards achieving greater business sustainability by creating a permanent record of minerals on the blockchain. At later development stage, data such as upstream carbon intensity and other ESG attributes will be tracked.
Built on IBM Blockchain technology and powered by the Linux Foundation’s Hyperledger Fabric, the RSBN platform helps improve transparency in the mineral supply chain by providing a highly secure and immutable record that can be shared with specified members of the network. Additionally, RCS Global Group assesses each participating entity both initially and annually against responsible sourcing requirements set by the Organization for Economic Cooperation and Development and those enshrined by key industry bodies, including the Responsible Minerals Initiative (RMI).
RSBN is designed to be adopted across industries by original equipment manufacturers in automotive, electronics, aerospace and defence as well as their supply chain partners such as mining companies and battery manufacturers.