Volvo is Making Use of Blockchain to Aid the Production of its Electric Vehicles via Recycled Cobalt
- Volvo’s new blockchain system has been designed by a UK firm called ‘Circulor’.
- The new platform will allow Volvo to track the entire life-cycle of its Cobalt reserves.
As per an all new report, Volvo Cars, a manufacturing entity based out of China, is currently facing a host of production issues related to the sourcing of its cobalt reserves. For those of our readers who may not be aware, batteries used in electric cars these days are primarily made using Cobalt — a metal that is found in abundance throughout Congo. In fact, it is estimated that almost 2/3rd of the world’s cobalt supply is spread throughout the African nation.
However, due to rising demand for the above mentioned metal these days, it appears as though Congolese miners have resorted to using children for their digging activities. As a result of this, a number of activist groups — both local and international — are starting to put a lot of pressure on big name companies like Volvo (that are currently making use of this electrically conductive metal) to move their operations to other countries.
In response to this latest development, Volvo has deployed a blockchain platform to map the entire life-cycle of its Cobalt. The system has been designed by a London-based company called ‘Circulor’ and it promises to provide Volvo with a high degree of transparency and immutability.
Also, it bears mentioning that the new blockchain system has been made using one of Oracle’s original blockchain designs.
In the past, Oracle has hemmed a number of different blockchain projects for a variety of clients (involved with sectors such as healthcare, supply-chain management, mineral tracking etc.)
Additionally, the manufacturing powerhouse has also entered into a joint project with the Chinese Government to monitor cobalt exports coming from the Democratic Republic of Congo.
Talking about the issue in a bit more depth, a spokesperson for Volvo was quoted as saying:
“It tracked cobalt from a Chinese recycling plant to Volvo Cars Zhejiang over a two-month period to June 27,” Volvo said, adding its aim was “full transparency and traceability”.