fbpx

AIBC

Volvo to use blockchain in cobalt tracking

Posted:Jan 29, 2020 13:00 Category: Posted by AIBC Group

The Volvo automobile manufacturer has devised a method of ensuring that the resources it uses are sourced in an ethical manner.

The Swedish automobile company Volvo launched its first fully electric model in October last year. Electric cars are a eco-friendly alternative to fight the pollution and contamination that vehicles that run on fuel produce. However, manufacturing them still brings up some topics that are up to debate.

The companies try to tackle one of the main issues. Therefore, is how cobalt obtain an essential part in lithium-ion batteries. The Democratic Republic of Congo use over half of the amount worldwide. Also, independent miners mine around 15-20% of the cobalt that comes from this country. They do the unknown conditions and it’s not clear if they make it in a responsible way or in a safe environment.

Senior vice president of procurement, Martina Buchhauser

Blockchain technology makes it possible to create a totally reliable and immutable data network. Thus, containing all the information needed to track the material all the way back to its extraction. “With blockchain technology, we can take the next step towards ensuring full traceability of our supply chain and minimizing any related risks, in close collaboration with our suppliers”, said senior vice president of procurement at Volvo Cars, Martina Buchhauser.

“By working with our suppliers to make sure that the raw materials in our batteries, including minerals like cobalt, come from ethical supply chains, we’re able to extend our promise of safety to drivers, miners, and the environment”, said Martina Buchhauser.

Moreover, the technology used will be operated by Circulor and Oracle. Both CATL and LG Chem – Volvo’s battery suppliers – have agreed on being part of this project in order to implement cobalt traceability as soon as possible and combat the illicit practices on the extraction of cobalt.

About AIBC Summit:

AIBC Summit is the emerging tech destination for leading brands in the sector, held in both Malta and Manila.  The event brings together thought leaders in the blockchain and AI space.  Join us at the first edition of Manila AIBC Summit,. The future tech event of the year, set to take place on the 08-09 June 2020.

Related Posts

Gary Vee to headline AIBC…

The SiGMA Group has announced that serial entrepreneur and investor, Gary Vaynerchuk, is confirmed as a keynote speaker for the…