Volvo Opts For Blockchain to Purchase Conflict-Free Cobalt August 6, 2019 August 6, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 6, 2019 by Kelly Cromley

Volvo Opts For Blockchain to Purchase Conflict-Free Cobalt

China automotive group Geely, which owns Volvo, has started manufacturing electric cars with cobalt supply traced via blockchain technology.

According to news report, Volvo has joined a venture to track cobalt from Democratic Republic of Congo, and administered by RCS Global, a global management consulting, technology services and outsourcing company.

Information technology related media firm ITNews indicates that the intention of the endeavor is to demonstrate that electric vehicles do not depend on raw materials from war zone or child labor.

Other companies which participated in the initiative include auto manufacturer Ford, tech giant IBM, South Korean cathode manufacturer LG Chem and Chinese cobat vendor Huayou Cobalt.

Regarding the blockchain project, Volvo pointed out that the blockchain system is already being put to use. Volvo said

“It tracked cobalt from a Chinese recycling plant to Volvo Cars Zhejiang over a two-month period to June 27.”

The ledger used for the project is created by British blockchain firm Circulor using the technology developed by the Java software creator Oracle. The blockchain system is anticipated to be widely implemented in the coming week.

Even then, mineral tracking specialists acknowledge that blockchain is not the only solution. Specialists are exploring how uploading data in a distributed ledger can enhance accountability and fend off issues between various parties.

Regarding replacement of due diligence process through technology, Doug Johnson-Poensgen, Circulor CEO, said

“No technology can completely replace due diligence. What it will do is improve enforcement of standards by highlighting when things are not working as intended.”

Back in April, Oracle’s vice president of blockchain product development, stated that blockchain technology could likely be used by 50% of all the enterprises in the next three years.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.