IBM, Ford and LG Leverage Blockchain in Supply …
IBM, Ford and LG use blockchain to supply cobalt
Tech giant IBM will use blockchain to track cobalt shipments from the Democratic Republic of Congo, according to a January 15 press release.
The company has previously used a proprietary solution called IBM Blockchain, developed on the basis of Hyperledger Fabric technology, to implement a number of ideas. Now it plans to use the same technology to control the rapidly evolving supply chain of cobalt used in electric vehicles and consumer devices..
The project will be implemented in cooperation with the automobile concern Ford, the electrode manufacturer LG Chem and the Chinese company Huayou Cobalt.
“The rise in demand for cobalt has spawned the idea of blockchain by this group, which wants to show how technology can be used to provide social guarantees in a supply chain that includes mining,” said Manish, general manager of industrial products, IBM. Chaula. “The first results from these organizations will set a precedent for other industry players and show how we can ensure transparency in the supply of minerals that go into products for consumers.”.
The project participants reported that they have already begun to implement their plan related to the need to provide a certain type of guarantees when using raw materials. Congo is famous not only for its large reserves of cobalt, but also for the active exploitation of child labor, a problem that IBM and others are going to solve with the help of blockchain.
“We are committed to providing transparency in our global supply chains,” said Lisa Drake, Ford vice president of purchasing. “By working with other leading players in this network, we intend to use cutting edge technology to ensure that the materials used in our vehicles are not manufactured in violation of our goal of protecting human rights and the environment.”.
At the end of December, it became known that the Overstock division of the online retailer was developing a platform for tokenization and trading of cobalt..
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