Ford, LG, Volkswagon, and Volvo Successfully Pilot Blockchain-Based Supply Tracking For Cobalt
Minerals supply chain will soon be revolutionized by blockchain and made more ethical throughout the whole process. The Responsible Sourcing Blockchain Network (RSBN) built on Hyperledger Fabric recently completed a pilot phase that involved transporting 1.5 tons of cobalt from Congo to its final manufacturing destination in America. This project has been sponsored by top tier car manufacturers which include Volkswagen, Ford, and Volvo who are looking to improve their ethical standards in material sourcing.
Volvo was the latest organization to join the blockchain supply project, the company's Head of Procurement, Martina Buchhauser said that;
“With blockchain technology we can take the next step in ensuring full traceability of our supply chain and minimizing any related risks, in close collaboration with our suppliers.”
RCS Global Group who were mandated with the audit process have confirmed that all cobalt sourced from Congo to Ford Motor Company (American) through South Korea is in line with sourcing standards set by Organization for Economic Cooperation and Development.
The company’s CEO, Nicholas Garrett, noted that the move by RSBN will improve other supply chain ecosystems as well;
“We’ve reached significant new milestones as we’ve moved beyond testing, proving the merits of this coupled technology and assurance model can extend to a wide range of participants across every tier of the supply chain and to other minerals,”
RSBN plans on expanding the products tracked by its blockchain platform in the near future. Other minerals such as gold, tin, and tantalum will be researched on for the feasibility of integration with RSBN tracking system.