According to Cointelegraph, on November 6, automaker Volvo announced that it will rely on blockchain technology to ensure reliable sources of cobalt in lithium batteries. It is reported that Volvo released the first all-electric vehicle XC40 Recharge last month.
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"Transparent and reliable data sharing network"
Volvo Cars has reached an agreement with two global battery suppliers, Ningde Times of China and LG Chem of South Korea.
We face the challenge of not being able to detect raw material source information, but blockchain technology has established a transparent and reliable data sharing network that greatly increases the transparency of the raw material supply chain.
As part of the deal, the two battery suppliers have agreed to use blockchain technology to track the batteries for the next generation of Volvo and Polestar models over the next 10 years.
Proof that no child labor is used to mine cobalt
Volvo tried to use blockchain technology to prove that the cobalt used in its lithium battery for electric vehicles was not mined by child labor and came from conflict-free areas. Volta Car Purchasing Director Martina Buchhauser said:
With blockchain technology, we work closely with our suppliers to ensure that the supply chain is fully traceable and minimizes any associated risks.
In August, blockchain company Circulor and software giant Oracle completed testing of related systems in the supply chain of China's Ningde era. In addition, the Responsible Sourcing Blockchain Network (a purchasing blockchain network), the enterprise blockchain company R3 and the technology giant IBM are responsible for tracking the supply chain of LG Chem.
The data in the blockchain will include information on the source, size, weight, chain of custody of the cobalt, and whether the organization is complying with the OECD guidelines.
Blockchain technology is increasingly being used to trace global supply chains. According to the Daily Telegraph, Coca-Cola North America (the IT operations technology company responsible for Coca-Cola bottling) used the blockchain solution developed by the German software company SAP to manage the supply chain.