German automobile company, Volkswagen Group, on Thursday said it will henceforth utilize the Blockchain technology in keeping track of its mineral supply chain.
This, it said, is in a bid to “responsibly source” minerals such as cobalt, which are important components in making lithium-ion batteries used for electric vehicles.
Recall that in 2018, IOTA and Volkswagen had announced the production of the Digital CarPass which it said at the time, will be released in 2019.
According to the announcement in 2018, the Digital CarPass will measure real-life performance via IOTA blockchain technology to ensure vehicle data collection is reliable and secure.
However, Volkswagen has taking another step, this time with the likes of American multinational automaker, Ford Motor Company, Huayou Cobalt, computer giant IBM, LG Chem (a unit of South Korean conglomerate LG Corp.) and raw materials supply chain auditing firm RCS Global.
The partnership is to ensure “increase efficiency, sustainability and transparency in global mineral supply chains,” the statement said.
It added that it will also aid the firm in meeting up with the sourcing standards laid-out by the Organization for Economic Cooperation and Development (OECD) by providing a permanent record of mineral movements to support the compliance process.
“Participants in the network, validated by RCS Global Group for compliance with responsible sourcing standards, can contribute and access immutable data in a secure and permissioned way to trace and record the flow of minerals across the supply chain in near real-time, ” Volkswagen stated during the announcement.
Volkswagen further noted that the group plans to expand membership to include other industries like the aerospace, consumer electronics and mining operations.