Volkswagen will Use Blockchain Technology to Track Mineral Supply

The German car manufacturer, the Volkswagen group, has announced its intention to use blockchain technology to track cobalt supply. To implement these plans, all company operations will be transferred to the new platform from Hyperledger Fabric, developed by the IBM group.

According to Volkswagen representatives, participants who have access to the data will be able to keep track of the flow of materials on the blockchain, as well as monitor the process of their movement in real time.

Verification of compliance with standards will be conducted by the audit company RCS Global Group.

According to a Bloomberg report, to date, more than 60% of global cobalt production is concentrated in the Democratic Republic of the Congo. Unfortunately, the mines there do not fully comply with labor safety standards and violate human rights. More than 2 million artisanal miners work there. Among them are school-age children, whose families cannot afford their education.

Workers do not even have simple protective equipment, while cobalt dust stimulates the development of heart and lung diseases.

However, cobalt is necessary for humanity: it is integrated into a number of devices, such as smartphones and cars. Therefore, millions of people use innovative benefits, rarely thinking about what is really behind it.

We want to remind you:

Ford Will Fight Child Labor in Africa Using Blockchain

Subscribe to The Coin Shark news in Facebook:

Leave a Reply

Your email address will not be published. Required fields are marked *