Volvo to use Blockchain for its cars

Automaker Volvo Cars, owned by Chinese automotive group Geely, has produced electric cars with cobalt mapped on a blockchain, Reuters reports on Aug. 2.

Volvo also joined a project to monitor cobalt from Democratic Republic of Congo overseen by responsible-sourcing group RCS Global. Information technology outlet ITNews suggests that the aim of the initiative is to prove that their electric vehicles do not rely on conflict minerals or child labour.

The ledger employed for the endeavour has reportedly been developed by British blockchain start-up Circulor, based on technology created by the Java tech giant, Oracle. Reuters further noted that the system is expected to be more widely applied next week. Automaker Ford, technology giant IBM, South Korean cathode maker LG Chem and Chinese cobalt supplier Huayou Cobalt also participate in the initiative.

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