Eliminate the use of child labor! Volvo uses blockchain to track the whole process of cobalt production in electric vehicle battery

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.

Blur-1850687_960_720

(Source: Pixabay )

"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.

Volvo explained:

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Tokyo and Kyoto, the rising encrypted 'twin stars

In an era where technological advancements are shaping the future of economies around the world, Japan is taking a st...

Blockchain

Metropolitan Museum of Art in New York to return $550,000 FTX donation

According to Decrypt, the Metropolitan Museum of Art in New York has agreed to return hundreds of thousands of dollar...

Opinion

Checklist of 9 popular cryptocurrencies virtual credit cards

Cryptocurrency virtual credit cards launched by cryptocurrency exchanges (such as Binance) allow for consumption and ...

News

Visit: What is behind the brush of the digital currency exchange?

Recently, TokenInsight released the blockchain industry report "Exchange Real Estate Volume Report (I)" poi...

Blockchain

Babbitt Column | Blockchain industry to land, these areas still need to be greatly improved

I. Status Although each of us hopes that the blockchain can land as early as possible, and from the daily news, it se...

Blockchain

Beginner's Guide | Why choose a highly liquid exchange?

Source: Medium Translation: First Class (First.VIP) Liquidity is the most important concept that everyone needs to un...