Blockchain

Volvo to Implement Blockchain Cobalt Traceability; Joins Ford, VW, and IBM

The Swedish automaker, Volvo Cars, has joined the RSBN (Responsible Sourcing Blockchain Network) consortium, for ethically sourcing minerals utilized in electric cars. With this move, Volvo has now joined an elaborate list of entities that are already a part of the initiative, such as Ford, IBM, RCS Global, Volkswagen, Huayou Cobalt, and LG Chem.

The automaker giant has also said that they would implement RSBN fully in their LG Chem supply chain. Moreover, the company will be using the solution for other such minerals, too, that car batteries use, for instance, lithium and nickel.

Volvo Cars’ Procurement Head, Martina Buchhauser, stated that they could take the “next step” in making certain the complete traceability of their supply chain with the technology of blockchain while working closely with their suppliers. It would also help minimize any related risk.

It is also vital to note that the RSBN platform has been developed on the IBM Blockchain Platform. It is slated to be launched officially by mid-2020. In addition, the Cobalt provenance pilot has been successfully unveiled at the mine site of Huayou in the Democratic Republic of Congo, as announced by the RSBN. The test included the blockchain usage demonstration to track the mineral right from the mine site to the manufacturer. It facilitates a supply chain that’s more sustainable.

With this revelation, it must be taken into account that for Volvo, it isn’t the first blockchain project. In August, Volvo Cars joined its hands with the blockchain company called Circulor as well as Oracle with the intent to track cobalt in their supply chain of CATL. For those who came in late, China’s CATL and South Korea’s LG Chem are two primary battery suppliers of Volvo.

On this new development, RCS Global’s CEO, Nicholas Garrett, stated that the addition of Volvo Cars and earlier Volkswagen Group to this partnership confirms that responsible sourcing guarantee, along with blockchain technology, could help in addressing the important sustainability problems that impact the whole industry.

As per the reports, RSBN is working on utilizing the technology of blockchain for common metals like tantalum, tungsten, tin, and gold.

RCS Global, a supply chain audit entity, has a key role to play in RSBN. It assesses the participants against the set requirements formed by the OECD (Organization for Economic Cooperation and Development) and the RMI (Responsible Minerals Initiative) Blockchain Guidelines.

Meanwhile, Volvo was recently in the news for having launched XC40 Recharge, their first fully electric car.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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