Volkswagen Group, a leading car manufacturing conglomerate has recently announced that it will employ blockchain technology for the tracking of its mineral supply chains.
Volkswagen Set to Build Responsibly
The car marker made it known that this move will aid its endeavours to “responsibly source” minerals such as cobalt (used in lithium-ion batteries for electric vehicles). The group has joined an open industry collaboration, to ensure the certainty of its agenda. The open industry collaboration is said to have Ford as a member.
Other members who are part of the collaboration according to Volkswagen’s announcement include: cobalt mining company Huayou, LG Chem (a unit of South Korean conglomerate LG Corp.) and raw materials supply chain auditing firm RCS Global.
The announcement confirming this said:
“Participants in the network, validated by RCS Global Group for compliance with responsible sourcing standards, can contribute and access immutable data in a secure and permissioned way to trace and record the flow of…