Leading Car Manufacturer Volvo To Use Blockchain Technology To Resolve Cobalt Dispute. - Today's Gazette - Cryptocurrency, Bitcoin News
Connect with us

Leading Car Manufacturer Volvo To Use Blockchain Technology To Resolve Cobalt Dispute.

China’s Move Towards Getting Global Stardom; All Thanks To The Blockchain Technology

Blockchain

Leading Car Manufacturer Volvo To Use Blockchain Technology To Resolve Cobalt Dispute.

Car manufacturer Volvo has announced plans to integrate DLT into its supply management chain as part of its latest changes to its operation.

Volvo Cars require a regular supply of cobalt due to its use in EV batteries.  Unfortunately, the main source of cobalt in the world is Congo.

This has an important social concern for the company, as well as for other large manufacturers of electric vehicles due to the human right concerns in the African nation.

Congo Is Known For Child Labor

Congo has become quite popular because of the use of child labor in its mines. With approximately two-thirds of the world’s cobalt supply coming from Congo, this indirectly translates into EV battery pendants that fuel the use of child labor in the region.

Many organizations and protesters currently advocate that this is a major concern and should be curtailed. As such, many car manufacturers are now under great pressure from these agencies to stop buying cobalt from their African counterparts.

Also READ  US Corporate Heavyweights go Supernova on Blockchain Technologies

Volvo DLT Platform Aims To Bring Transparency And Traceability Of Cobalt

In response to this, Volvo has implemented blockchain to map the source of cobalt to its factories. In addition, the automotive company is now using recycled cobalt from China as another source to produce electric vehicles.

Volvo will also use blockchain to verify the source of cobalt used in its factories, while the automobile firm has also partnered with the Government of the Democratic Republic of the Congo to monitor the source of cobalt coming out from the country.

Volvo addressed this critical situation in an email to the media in which the firm stated that it had begun to test the new blockchain solution.

Volvo Have Begun Testing The DLT Blockchain Solution On Its Supply Chain

According to the report, Volvo had undertaken a two month testing of the DLT solution designed to track cobalt within its supply chain. The automobile firm successfully tracked Cobalt from a Chinese recycling plant to Volvo it’s Volvo Cars Zhejiang during that period of time.

Also READ  Nexus Flips The Switch: Partnership For Greener Cryptocurrency Mining

Today's Gazette Telegram
London based blockchain development Company Circulor was hired to develop the DLT platform which was built on one of Oracle’s blockchain designs.

Blockchain has continued to gain relevance in the automobile industry and this solution is just one of many being utilized within the industry.

Writer, editor and digital space observer with 5 years experience in the blockchain industry. Mail him at adeniji.olowo@todaysgazette.com.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Blockchain

Advertisement
Advertisement
Advertisement

Facebook

Press Release

Title

To Top