The Belgium-based Rare Earth Industry Association (REIA) has launched a three-year project to build a blockchain-based Circular System for Assessing Rare Earth Sustainability (CSyARES) to improve transparency across the rare-earth metals supply chain.

The REIA said it had partnered with German robotics company BEC, Dutch start-up Circularise, Danish water company Grundfos and UK-based Minviro to launch the project.

Demand for rare earth metals is projected to reach 315,000 tonnes by 2030. It described these minerals as "irreplaceable in wind turbines, electric vehicles, mobile phones, computers and the defence industry."

It said the rising demand "combined with resource shortages and supply chain disruptions" means stakeholders need to "rely on sustainably mined and processed metals.

The company claimed the CSyARES project would "contribute to the circular economy transformation" and "create new business opportunities for manufacturers and recyclers and allow downstream players to ensure sustainable practices throughout their supply chains."

Badrinath Veluri, President of REIA and Chief Specialist, Materials & Process at Grundfos, said the project's participants "are aiming to build a tool" that stakeholders within the rare earth value chain "can use with an integrated approach" and achieve a circular economy.

Blockchain is increasingly seen as a means for stakeholders in the mining industry to achieve sustainability goals and improve efficiency across the supply chain.

In a recent article by Mining Magazine, experts said stakeholders should focus on developing regional platforms and partnerships with governments and regulators to utilise the technology.