Auto maker Ford, tech giant IBM, South Korean battery maker LG Chem and China's Zhejiang Huayou Cobalt have joined forces to participate in the first blockchain project to monitor Congo Supply of cobalt materials in the Democratic Republic.
The pilot project, overseen by responsible procurement leader RCS Global, aims to help manufacturers ensure that cobalt in lithium-ion batteries is not mined by children or does not cause conflict.
On January 16, local time, four companies announced the pilot project, but the project has been quietly underway since December last year. From the mining of the Congo cobalt industry to the supply of Ford's lithium-ion batteries, it is under monitoring. .
The provision of penetration rates for electric vehicles is expected to put pressure on the supply of cobalt materials. The project is expected to be completed in mid-2019. The cobalt material mined by Huayou Cobalt Industry will enter the blockchain, from mines, smelters, to LG Chemical Cathode and Battery Plant in South Korea, and finally to the Ford Automobile Plant in the United States. This process Followed all the way.
IBM has partnered with retailers such as Walmart and Carrefour to track food through the supply chain. At the same time in the mining industry, Anglo American's De Beers has also started using blockchain to track diamonds.