Volvo Cars Adopts Blockchain for Cobalt Battery Tracing

Asia Blockchain Review
November 15, 2019

Volvo Cars, owned by Geely Holding in China, has announced it will implement blockchain technology in order to make its cobalt batteries traceable worldwide in collaboration with battery suppliers in China and South Korea.

Implementing Blockchain to Enhance Transparency

Volvo Cars will use blockchain technology to trace the cobalt used in its car batteries after entering into an agreement with battery suppliers CATL in China and LG Chem in South Korea, according to Channel News Asia.

Car manufacturers worldwide have been adopting blockchain to ensure that batteries for electric vehicles are sourced without using child labor or conflicted materials across its supply chain.

Volvo Cars has revealed that the agreement with the two suppliers will include batteries for next generation Polestar and Volvo models, as well as the XC40 Recharge.

Tracing Electric Vehicle Battery Supply Chains 

Martina Buchhauser, Head of Procurement for Volvo Cars, disclosed that the manufacturer is working closely with suppliers to trace its electric vehicle batteries using the decentralized technology.

“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,” Buchhauser said.

Earlier this year, Volvo Cars carried out a trial for the blockchain platform with Circulor and Oracle to use the technology within CATL’s supply chain.

For the LG Chem supply chain, a blockchain platform has been developed by IBM, the Responsible Sourcing Blockchain Network and RCS Global.

Volvo Cars also revealed it plans to implement blockchain tracking to other materials such as lithium and nickel.

Source: https://www.channelnewsasia.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Aircraft Parts Maker Moog Inc Adopts Blockchain for Digital Models
Aircraft parts maker Moog Inc. has been running a trial that combines blockchain technology with 3D ...

December 6, 2019

BNY Mellon is Newest Member of Marco Polo Blockchain Network
The Bank of New York Mellon (BNY Mellon) has joined the Marco Polo blockchain trade finance network ...

December 6, 2019

Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us