Jaguar Land Rover Acquires Stake in Blockchain Focused Firm Circulor
InMotion, the venture capital division of Jaguar Land Rover, has invested in Circulor, the UK based blockchain firm. The intention is to track raw materials via the distribution chain to guarantee sustainable development. The platform utilizes a mix of GPS, blockchain, QR codes and biometrics.
The agreement signals the partnership in some form or other by third renowned auto enterprise with Circulor. A year back it assisted Volvo trace recycled cobalt that is made use of in manufacturing cars and in the middle of this year received an investment from the automobile manufacturer.
And at the beginning of the year, Mercedes revealed that it is collaborating with Circulor on a trial to trace green emissions from its electric powered vehicles. That is a domain Volvo is interested in studying further. Along with tracking of minerals and green emissions, Circulor is also interested in plastic chemical recycling.
In the meantime, Sebastian Peck, Managing Director of InMotion Ventures stated, “This investment is further evidence of Jaguar Land Rover’s commitment to improving the sustainability of its supply chain around the globe, and will help authentically trace raw materials from origin to supplier, eventually to vehicle.”
Peck added, “The implementation of blockchain technology provides a great opportunity to make a systemic change in supply chain compliance, not just for the automotive world but for other industries, too.”
Hyperledger Fabric forms the core of Circulor’s blockchain’s tool:
Jaguar Land Rover already has the experience of working in projects based on distributed ledger technology (DLT), but a major portion of that was with IOTA. Earlier in 2019, the car company revealed that it was studying IOTA centered wallets for high way toll payments. Of late, the company has been capitalizing on IOTA to test an access control system.
Put differently, if a person is interested to hire a car for short-term, the distributed ledger technology could be utilized to allow them inside the car. The greatest advantage of using distributed ledger technology is there is no easy way or common pool of data for hackers to exploit.