LONDON (Reuters) – Carmaker Ford , technology giant IBM , South Korean cathode maker LG Chem and China’s Huayou Cobalt have joined forces in the first blockchain project to monitor cobalt supplies from Democratic Republic of Congo.
The pilot, overseen by responsible-sourcing group RCS Global, aims to help manufacturers ensure that cobalt used in lithium-ion batteries has not been mined by children or used to fuel conflict.
Companies - Pressure - Consumers - Investors - Minerals
Companies are under pressure from consumers and investors to prove that minerals are sourced without human rights abuses, but tracking raw materials throughout their journey is challenging.
The project announced on Wednesday has been quietly under way since December. Starting with industrially mined cobalt in Congo, it is monitoring supplies all the way to lithium-ion batteries for Ford vehicles.
Supplies - Cobalt - Quantities - Vehicles - Devices
Supplies of cobalt, expected to be needed in huge quantities for electric vehicles and electronic devices, are concentrated in Congo, a sprawling, volatile nation that has been racked by civil war and political tension.
RCS says the IBM blockchain platform could be used to include other minerals and to allow artisanal miners, which analysts say are the biggest issue with regard to ethical sourcing, to join a blockchain-based network of validated participants.
Blockchain, famed as the...
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