Volvo Cars Company announced that the Cobalt used in the electric car batteries
will be recorded or tracked on the blockchain, reported on 06 November 2019. According to the report, this new announcement of the use of blockchain traceable Cobalt is followed by Volvo’s first fully electric car named the XC40 Recharge announcement that was published last month. For the further development or implementation of this new technology, Volvo already did an agreement with its two car’s battery suppliers named China-based CATL and South Korea-based LG Chem. As per the deal, These two battery suppliers will be responsible to fulfill the requirement of batteries in Volvo’s new model cars for the next decade as well as they have to use blockchain technology for
tracing required raw materials.
“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.”
– Volvo Cars Company
The raw material traceable blockchain system is already ready for use as it was successfully tested in august by blockchain firm Circulor and software giant Oracle on
CATL’s supply chain.
“We have always been committed to an ethical supply chain for our raw materials, 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. ”
– head of procurement at Volvo Cars, Martina Buchhauser
Previously, The encrypted peer to peer messaging application Telegram has launched the test wallet for its native cryptocurrency GRAM token. Telegram has launched the wallet for Windows, iOS and Linux users. Users can download the gram wallet from the official website.
Article Produced By
Heiko Closhen, Entrepreneur