Volvo Cars, a Swedish luxury vehicles firm and a subordinate of the Chinese automotive firm Geely, has manufactured the first-ever cars using reprocessed cobalt delineated with the help of blockchain tech and has further entered an isolated initiative to oversee cobalt from different mineral-rich countries including the DR Congo (DRC), Uganda and others.
Companies producing cars having been experiencing burden from massive clients and investors demanding that electric cars should not depend on conflict minerals or any form of illegal labor such as using slaves or children. Carmakers are now delving into distributed ledger tech to develop an unchangeable ledger first utilised for Bitcoin (BTC) plus other digital assets and increase accountability during the course of supply chains.
Volvo Cars revealed that it had finished the first cars distributed ledger tech (DLT) using reprocessed cobalt in the People’s Republic of China (PRC). It targets to bring complete lucidity and traceability of minerals especially cobalt in supply chains.
The DLT was created by Circulor, a UK blockchain expert with the high-quality knowledge from the United States global computer tech firm Oracle Corporation and is likely to be launched in 2019.
Participants engaged in pursuing minerals believe that the use of blockchain tech will add a brick in transforming the supply chain sector, however, they also think DLT alone isn’t the solution.
They are experimenting how inserting data from every phase of a mineral’s voyage into a distributed ledger tech can increase accountability and further keep away disagreements between logistics & transportation firms and customers.
Although DLT has proved to be one of the most reliable technologies in the world, the community should remember that no technology can totally substitute due diligence. What it will do is increase implementation of standards by stressing when activities are not functioning as planned.
Previously, Oracle Corporation offered tech for DLT-based initiatives intended to prove the source of olive oil so as to lower down costs by restructuring international banking payments. Other giant blockchain-friendly companies such as Facebook, Microsoft, IBM, Walmart, Ford, Daimler AG, Samsung, Toyota, Frasindo, Mercedes-Benz and others are also working on different DLT projects that will help transform the blockchain and cryptocurrency industry and further increase of daily life.
Do you think the continuous involvement of giant companies in the field of blockchain will add anything visible in mineral supply chains?