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Volvo Cars recently produced the first electric cars with recycled cobalt driven by the blockchain technology.
The leading car brand has now made an announcement that it is utilizing Oracle’s blockchain platform to trace cobalt, which is one of the main components in electric car batteries.
Blockchain technology, which establishes a transparent and reliable shared data network, significantly boosts transparency of the raw material supply chain as the information about the material’s origin cannot be changed undetected.
“We have always been committed to an ethical supply chain for our raw materials,” said Martina Buchhauser, the head of procurement at Volvo Cars. “With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimising any related risks, in close collaboration with our suppliers.”
Thereby, one can know Volvo would be deploying blockchain technology to provide global traceability in all raw products used throughout its supply chain.
Volvo appears to be cognizant about the scope of blockchain technology and its advantages to their supplies of cobalt that are clear and safe from unethical issues by tracing raw materials on the Oracle blockchain.
