The world's first cars to use recycled cobalt whose supply chain is tracked on the Blockchain were made by Volvo.
Global car manufacturer owned by a Chinese company - Cobalt electricity is made correctly. This approach can guarantee the brand a positive acceptance in a market that is becoming more concerned and involved in sustainable production.
In addition, Volvo participated in a separate cobalt monitoring project from the Democratic Republic of the Congo (DRC). The mission of the project is to offer reliable data to consumers to avoid minerals that have not been developed by the owner.
Improving Supply Chain Liability
In an email sent by Volvo on Friday, the team revealed that they have completed the Blockchain pioneer program. The new adoption case marks another milestone in DLT adoption across the broad industrial spectrum.
In the project, the platform monitors the supply chain of recycled cobalt right from the recycling plant to the Volvo car plant in Zhejiang. The duration of the period covers two months and the company hopes the project is proffering next level "transparency and traceability". Openness is essential in improving supply chain liability for intermediate car products.
About the Blockchain Platform
Interestingly, the adoption of Blockchain technology is very dynamic as traditional technologies such as Oracle and IBM are increasingly creating hybrid platforms powered by Blockchain.
In this case, the platform was developed by a UK-based blockchain specialist known as Circulor. Circulor Blockchain experts use technology from Oracle to design the software to perfection. In design, Blockchain technology guarantees security through immutability, decentralization, and security.
It is widely expected that the platform will be deployed in 2019, but Volvo has not yet issued any official statement.
Meanwhile, Contemporary Amperex Technology makes batteries for Volvo cars.
Volvo is now a Member of The Responsible-Sourcing Group RCS Global
Responsible-Sourcing Group RCS Global is an organization with a mission to improve transparency in supply chains. Volvo, along with Huayou Cobalt, South Korea-based cathode manufacturer LG Chem, Ford Auto Makers, and IBM technologies, are part of the RCS Global project.
SCR
The project aims to sanitize cobalt production and its supply chain. The industry has been plagued by widespread cases of unusual acquisition and production methods characterized by child labor claims, low wages for miners, financing financing, etc.
Notably, the DRC provides 75% of Cobalt’s global supply, of which the government led by Felix Tsishekedi is largely untouched and virtually non-existent, especially in the vast equatorial countryside.
Is Blockchain The Answer To Transparency?
Although experts differ on whether the exclusive use of DLT is the key to tracking minerals, some quarts say the technology could play a critical role in improving accountability as supply participants enter accurately data on each stage of manufacture and supply.
Circulor CEO Doug Johnson-Poensgen, for his part, believes that due diligence cannot be replaced by technology. However, DLT has the potential to “improve the implementation of standards” by highlighting areas of inconsistency and irregularities in the supply chains.
