Nornickel has joined the global blockchain initiative Hyperledger

Today, NornickelPublic Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel” and its subsidiariesGo to the glossary announced is has joined Hyperledger, a global open source collaborative effort created to advance cross-industry blockchain technologies. Hosted by The Linux Foundation, Hyperledger includes leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.

Nornickel is planning on developing new tools on the basis of Hyperledger Fabric with the aim of building open blockchains. This technology will be implemented in the tokenization platform that the company is currently working on. Nornickel plans to launch the tokenization platform for their products within 2019.

The key idea is to tokenize Nornickel’s production volumes, in order to offer a “new class product” for a wide range of investors (including retail investors), as well as to tokenize contractual volumes within the existing industrial consumers.

One of the main goals is reduction in funding costs by the means of these “digital” assets, and as a result a chance to free up the turnover capital. It is expected that in the future we might see use of these tokenized entities as new types of financial tools.

Working with the Hyperledger community, Nornickel plans to further develop the current technology to allow the creation of effective high speed public blockchains. The use of BFT consensus, one of the most effective and the fastest existing today consensuses mechanisms for public blockchain systems, will form the basis of development. Along with the BFT consensus integration, development plans include improvements to alternative solutions for Endorser and Peer core elements.

“Hyperledger is our core technology. By joining Hyperledger, we plan to share our expertise and knowledge to improve blockchain technology. Our company has formed a considerable pool of ideas, concepts and initiatives that can be offered to other industry players. By joining the e Hyperledger community, , we are making our inventions accessible to interested parties, around the world.” — said Sergey Batekhin, Senior Vice President — Sales, Procurement, and Innovation of Nornickel.

“We are very happy to bring Norilsk Nickel into the Hyperledger community,” said Brian Behlendorf, Executive Director of Hyperledger at the Linux Foundation. “Hyperledger is a global effort spanning many different industries, and our relationship with Norilsk Nickel not only bring us a greater developer and community presence in Russia, but also new use cases in major global industries. We believe strongly that companies in industries of all types can benefit from and contribute to open source initiatives like Hyperledger, and look forward to working with Norilsk Nickel on technical improvements to the Hyperledger greenhouse.”