Volvo Implements Blockchain Technology
Most people have images of anonymously owned bitcoin floating around in a vague virtual universe when they think of blockchain technology. But at the heart of this technology is the ability to establish transparent and reliable shared data that is unalterable. This makes it perfect for reliably tracing raw materials as they make their way through the supply chain.
In a bid to more responsibly source possibly harmful material, Volvo is implanting blockchain technology in the production and use of cobalt for the lithium-ion batteries in its first fully electric car, the XC40 Recharge.
Volvo has reached an agreement with its two global battery suppliers, CATL of China and LG Chem of South Korea. Leading global blockchain technology firms Ciculor and Oracle will begin tracing cobalt this year. The program was successfully piloted earlier this summer with CATL and Responsible Sourcing Blockchain Network (RSBN), RCS Global, and IBM will work together to roll out the technology in LG Chem’s supply chain.
What Is Blockchain?
Essentially, blockchain is a digital ledger that contains a list of records linked to each other via cryptography. In supply chains, this technology creates records of transactions that can’t be changed. It also enforces a common set of rules for what data can be recorded, allowing participants to verify and audit transactions independently. For Volvo, data includes the cobalt’s origin, attributes such as weight and size, the chain of custody, and information establishing that participants’ behavior is consistent with supply chain guidelines.
This is part of Volvo’s broader, ambitious plan to address climate change, which includes radical reduction of carbon emissions by 40 percent per vehicle by 2025 and further commitment to ethical energy practices across its supply chain. Another way to ensure you are adding less carbon to the atmosphere is to make sure your car is operating at maximum efficiency. EuroCar Service, located in Seattle, WA, will make sure your European car runs like it just came off the production line. We also service Audi, Land Rover, Mercedes, MINI, Volkswagen, Smart car, and Fiat vehicles in our state-of-the-art facility. We are included on Expertise’s list of Best Auto Shops in Seattle because of our highly trained ASE Certified Master mechanics and top-rated customer service. To schedule an appointment with the most dependable, accurate, and honest European vehicle service facility in Seattle, contact online or call 206-527-8828 or today!