Thursday, May 23, 2019

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Apple Notes Blockchain Guidelines in Recent SEC Filing

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Apple, a U.S based tech giant on February 15, filed a “Conflict Minerals Report”. The report titled “Summary of Apple’s Commitment to Responsible Sourcing” was filed with the Security and Exchange Commission (SEC). It outlines how Apple has been adhering to the best practices while sourcing for the materials used in designing its devices.

Committed to the Best Practices and Maintaining Human Rights

According to the SEC filing by Apple, the company is committed to the best practices when it comes to upholding human rights in its supply chain. The company prioritizes the well-being of people that are involved in its supply chain as well as the place where the materials are sourced. Apple also added that it strives to use materials which do not directly or indirectly finance armed groups.

The materials, on the other hand, are used to design Apple’s personal computers, media devices, smartphones, and other consumer electronics. The company outlined that it will continue to encourage its suppliers to adopt the best practices which will allow these materials to be sourced responsibly. They will also work hand-in-hand with stakeholders to ensure that incidents and public allegations are traced and addressed.

Apple also said:

Committed to going beyond the minimum requirements in order to meet and exceed internationally accepted due diligence standards and protect people in its supply chain

Apple Among the Responsible Business Alliance Companies

The Responsible Business Alliance’s (RMA) RMI comprises of 360 companies such as Apple, Best Buy, and even Acer. This is an industry initiative that seeks to bring about development and improvement in the way minerals are sourced. Based on the filing, Apple had chaired the board of the RBA in 2018.

Alternatively, the RBA in a press release stated that they, “represent a first industry effort to define a common set of principles, attributes, and definitions for the application of blockchain technology to support mineral supply chain due diligence.” However, the press did not make mention of Apple even though the company has been listed on RBA’s website.

Facebook is Also Interested in Blockchain

Asides from Apple, Facebook has been showing an interest in Blockchain technology. BTCNN in December 2018 reported that the company is on the lookout for Blockchain experts. In February 2019, they purchased their first blockchain company, and about 40 blockchain experts are working with the company now. There are speculations that the social media company will launch a product based on DLT.

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