Panel 4: Blockchain and other Digital Governance Systems in the Mining Industry – was moderated by Tanya Matveeva, Geologist, KAMNI Chain
The panel consisted of:
Hugo Brodie, Vice President – Sustainability, London Metal Exchange
Michelle Ash, Chief Executive Officer, GEOVIA, Dassault Systemes
Anna Poberezhna, Founder & CEO, Smart4Tech
Johan Knapp, Business Lead – ESG, Open Mineral
Nathan Williams, Founder & CEO, Minespider
Heike Truol, Chief Commercial Officer, Minehub Technologies
Olga Ilina, Head of the expert group, Blockchain Competence Center “Ideas”
Discussion themes included:
– The Digitalisation role in developing a sustainable mining
– The evolving use of blockchain and other digital technologies for addressing ESG risks and supply chains management
– Blockchain: Creating Value for the Mining Industry
At its core, blockchain creates digital items which can be used for storing the value of physical products such as gold and create unduplicatable certificates which can be used for trade. We are at the point when blockchain technology is viewed as a transparency tool and helping the mining industry in ESG disclosure.
One of the challenges discussed by the panelists was data entry. How can you trust that the data originally entered is correct and traceable? The other issue is how it can be verified and aligned with current disclosure requirements. The discussion focused on removing the human error factor and establishing trust by using IoT, automated information, chemical analysis, and gamification technologies.
The panelists discussed how blockchain technology brings to mining companies efficiency, transparency, ability to prove responsible sourcing and environmental compliance.
It was also highlighted that the blockchain helps to bring transparency to the mining industry.
Besides transparency, blockchain technologies can reduce operational costs by removing waiting times and paper-based processes. The panelists discussed some practical blockchain application examples e.g. reduction by 30% the time of container transportation from Africa to Europe.
Panelists have agreed that implementing blockchain-based networks in different political jurisdictions must consider legislation requirements and work within legal frameworks.
Panelists pointed out that many companies might not realize how inexpensive and uncomplicated blockchain implementation can be, and it is important to continue talking to the mining community to bring this message across.