Hashcash, International Car Manufacturers To Track Cobalt, Tungsten, And Lithium Using Blockchain
Hashcash blockchain company consultants announced their partnership plans with the international mining, car, and battery manufacturers of tracking minerals supply chain. Following the business insider report on November 18th, the partners want to come up with a blockchain-related supply network to go about mineral trackings such as cobalt, Lithium, and tungsten. These minerals are used in car and battery manufacturing.
The companies main agenda is to address the issue of child labor in Congo.
Children Exploitation in Minerals Extraction
The companies joint network will bring about transparent operations related to the minerals supply chain in DRC. The UN estimated the number of children in exploitative working conditions in the year 2017 as 168 Million globally. 40,000 of these children are involved in Cobalt mining in DRC.
The blockchain-based supply chain network established by Hashcash and the Partners will ensure authentic and decent mineral sourcing operations. This means that every person taking part in the mineral extraction all the way to the car manufactures complies with the necessary regulations set in place.
Volvo Automaker previously joined a Cobalt monitoring project in DRC. This project is overseen by RCS Global which is a responsible sourcing group. Volvo joined RCS with the aim of proving their clean operations. This involves proving that the manufacturing of their electric vehicles does not involve the use of child labor and conflict minerals. This initiative was also participated by technology giant IBM, Automaker Ford, Chinese cobalt supplier Huayou Cobalt and LG Chem – South Korean cathode maker
On top of this, Tradewind markets introduced a system aimed at tracking precious metals such as gold and others. This will enable customers to trade gold and other valuable metals depending on the specific sourcing procedures preferred.