(Kitco News) – Russian mining giant Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, said that use of smart contracts in the company’s trading operations, where digital tokens are backed by the metals produced by the company, could help to fight illegal mining and trafficking of minerals, among other measures.
Nornickel delivered its suggestions during a roundtable dedicated to the fight against crime in the field of mining and circulation of minerals and precious metals.
The event was initiated by the Organization for Economic Cooperation and Development, the World Customs Organization and the United Nations Office on Drugs and Crime. The Russian side was represented by Nornickel.
Along with the discussion of the problems of illegal mining and trafficking of minerals, a special attention was paid to the topic of using digital solutions to facilitate investigations in this area, the company said.