Volkswagen has announced it is joining a blockchain initiative for responsible materials sourcing. Using blockchain will provide enhanced transparency into mineral supply chains.
“Joining the collaboration will enable the Volkswagen Group to gain greater insight into the provenance of cobalt used in lithium-ion batteries for electric vehicles and other types of minerals used elsewhere in the production of vehicles,” the press release reads.
The platform was built on the IBM Blockchain Platform and is powered by the Linux Foundation's Hyperledger Fabric; it enables tracing the provenance of materials and makes the data available for all participants in the network.
Other members include Ford Motor Company, Huayou Cobalt, IBM and LG Chem. The network is planning the expansion to other industries like aerospace, consumer electronics and mining operations.