Volkswagen introduces blockchain system

Posted 22 April, 2019

According to Volkswagen, the main reason for using blockchain technology is the desire to increase transparency and efficiency in global supply chains of mineral raw materials. Joining the open international cooperation will allow the company to view data on the origin of cobalt used in the manufacture of lithium-ion batteries for use in electric vehicles. Also, other types of minerals used in the production of these machines will be placed on the blockchain platform.

The Germany automaker noticed about the main objectives of the platform in a press release that the IBM blockchain platform is supported by the Hyperledger Fabric Linx Foundation. This allows you to identify and accurately verify the origin of minerals. Its main objectives are to provide easy access to data of any interested party involved in the supply chain. All members of the network who have been approved by RCS Global Group for compliance with the standards of responsible acquisition of minerals can post information on the blockchain. They also have access to unchanged data so that they can track the flow and record minerals in the supply chain in near real time.

“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.” - added representatives of Volkswagen.

It is worth recalling that companies such as the Ford Motor Company, Huayou Cobalt, IBM and LG Chem are also participating in this initiative. We have already written about international cobalt tracking cooperation here.

Earlier, the Volkswagen concern patented a blockchain traffic optimization system. Such a system will allow drivers and cars to pass information to each other, which can be used to coordinate movement. This will reduce accidents and improve road traffic.

Previous story

23 April, 2019 12:28

← JPMorgan: Banks and cryptocurrency startups can cooperate

JPMorgan Chase, one of the largest financial holdings in the world, intends to expand its activities in the field of blockchain-based solutions. JPM is working to expand the use of the patented Interbank Information Network (IIN) project to reduce the number of payments rejected due to authorization errors. In addition to the problem of global payments, JPMorgan plans to improve the overall state of the banking sector thanks to the blockchain technology.

JPMorgan: Banks and cryptocurrency startups can cooperate

Next story

22 April, 2019 14:41

Japan requires cryptocurrency regulation review at G20 Summit →

Japan will present the global regulatory rules for the cryptocurrency market at the upcoming G20 summit of finance leaders and finance ministers in Osaka on June 28-29.

Japan requires cryptocurrency regulation review at G20 Summit
Write a comment
Prove you’re not a bot + 19 = 27