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Although it’s popularly known for its efficiency mostly in the financial world, blockchain technology is very much applicable in several use cases including in the automobile space. Since its breakthrough a decade ago, the technology has improved the traditional way of doing things in several sectors.
As a technology with a vast spectrum of applications, IBM’s blockchain technology has been employed once more to increase the sustainability, transparency, and efficiency of the global mineral supply chain. This time, IBM’s blockchain platform is being utilized in the automobile space by the automaker giant Volkswagen. Previously, IBM’s platform has already been used to promote and add more transparency to the global mineral mining industry.
The current project, which boasts tons of big industry players, is designed to give automobile giants like Volkswagen a greater insight into the provenance of minerals used in lithium-ion batteries for vehicles. If everything goes as planned, the project will provide each participant with uninterrupted access to the traceability and provenance of cobalt and other minerals used in producing batteries for electrical cars. The blockchain-based platform is built on an IBM blockchain sponsored platform and powered by the Linux Foundation’s Hyperledger Fabric. Each participant is allowed to contribute as well as access immutable data in a very secured and permissioned manner.
The project is open to interested parties, irrespective of their sizes. The blockchain network reportedly includes participants from each major stage of the global supply chain – from mine to end-users. Currently, the project features members like Ford Motors, IBM and LG Chem, Huayu Cobalt, and RCS Global Group which also doubles as a co-founding responsible sourcing specialist.
Joining the big players, Volkswagen is committed to employ its vast expertise and experience for the success of the project. Due to the collaboration, the automobile giant is expected to contribute its unmatched knowledge of sustainability in supplier relations and global mineral sourcing. In return, Volkswagen will enjoy easy access to unutterable data on the traceability and provenance of cobalt and other minerals used in lithium batteries and the production of vehicles.
Before now, traditional miners, smelters, and consumers had to rely on 3rd party audits and time-consuming processes to establish compliance with the standards accepted generally in the industry.
Thanks to this platform, smelter, miners, and consumers can now rely on a more efficient and easy method of addressing compliance requirements. This method provides a permanent record to help resolve all compliance issues without breaking a sweat.