Volkswagen to Track Minerals Supply Chains Using IBM Blockchain
Volkswagen Group has announced it will use blockchain tech to track its mineral supply chains.
The German automaker said Thursday that, in order to “responsibly source” minerals such as cobalt (used in lithium-ion batteries for electric vehicles), it has joined an open industry collaboration, which also includes Ford as a member.
Using blockchain technology to track supply chains will help the firm meet responsible sourcing standards set out by the Organization for Economic Cooperation and Development (OECD) by providing a permanent record of mineral movements to aid the compliance process.