Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo believes the partnership Circulor would help in finding sustainable solutions, and they are also planning to use this traceability solution for carbon emissions from their cars.

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used Circulor’s traceability solutions previously for tracing cobalt used in their batteries. The use of blockchain became a necessity amid growing concerns over the questionable condition of the laborers and the use of child labor in cobalt mining.

Volvo believes the partnership with Circulor would help in finding sustainable solutions. It is also planning to use this traceability solution for carbon emissions from their cars.

Martina Buchhauser, the chief procurement officer at Volvo, commented on their partnership and how it would help them in the long run. She said:

“We are committed to an ethical supply chain for our raw materials, and our partnership with Circulor has been instrumental in that regard. By supporting Circulor’s ongoing development, we can expand the use of blockchain technology in our operations and contribute to a more sustainable business.”

Volvo cars were the first carmakers to implement global traceability for cobalt used in its batteries, and currently, all their batteries are traced via this blockchain solution.

In recent years top carmakers like Volvo, Mercedes, BMW, and many others have been implementing blockchain solutions in their car production. A few of them are focused around the data collected from these vehicles, while a few others have incorporated blockchain for traceability of raw products as well as after-sales services. Blockchain has been a big hit in supply-chain management, be it in the food industry or car industry.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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