Volvo To Introduce Blockchain in Cobalt Tracking

Volvo automaker has announced plans to use the blockchain to track cobalt and other minerals used in batteries.

Over the next decade, the concern, together with its battery suppliers, CATL and LG Chem, will monitor battery quality for the next-generation Volvo automobiles. Volvo is the third automaker to oppose cobalt production in recent months. The Volvo Cars head of procurement, Martina BUCHHAUSER, said:

“With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimising any related risks, in close collaboration with our suppliers.”

Volvo plans to start control with cobalt, but will later add other elements to the program, including tin, tungsten, tantalum, lithium, nickel and gold. The company also joined the Responsible Sourcing Blockchain Network (RSBN) consortium, which currently consists of VW, Ford, IBM, RCS Global, LG Chem and Huayou Cobalt. Using the IBM blockchain platform, RSBN strives to ensure complete supply transparency by mid-2020.

The RSBN blockchain will be used to track the origin of cobalt, its size, and the weight of the mineral. Further verification will also be conducted with other participants in the supply chain to comply with the Organization for Economic Co-operation and Development (OECD) guidelines.