the The adaptation of the Blockchain technology progresses unceasingly. Also in the car industry, it seems to be now arrived. IBM and Ford are together on the Front line. The aim of the development of an open industry-wide network for the tracking and validation of minerals and other raw materials.
Sebastian wood
16. January 2019BTC$3,593 K,27 -0.43%part Facebook Twitter LinkedIn xing mail
How to IBM on the company’s Website stated, the Blockchain technology in the future, for transparency and sustainability in the global mineral supply chains. Ford Motor Company, Huayou Cobalt, IBM, LG Chem and RCS Global plan, the Blockchain technology for the tracking and validation of minerals from ethical sources. The company will focus initially on the Mineral cobalt and investigate the creation of a cross-sector Blockchain platform.
The pilot project – An Overview
The Mineral cobalt is in high demand because of its use in Lithium-ion batteries. According to a report from Morgan Stanley is expected to quadruple in the demand up to the year 2026 is expected. Driver of this development is the increased demand for environmentally-conscious technologies, and the rapid rise of electric mobility. A conventional electric car battery requires up to 20 pounds of cobalt that requires a Laptop in comparison with approximately one ounce of the rare Minerals.
The Blockchain-project focuses on the responsible production, processing and trade of rare minerals. The pilot project, which is based on a procurement scenario, the supply chain of cobalt from the Huayous industry mining plants in the Republic of the Congo – from the Mine to the processing in a Ford plant in the United States.
The platform is based on IBM’s Blockchain platform, and is supported by the Hyper Ledger Fabric of the Linux Foundation. The solution has been developed, to interested parties to enable any size of company and role in the supply chain Tracking. IBM and Ford courting currently, other participants in the supply chain network. In the case of a successful completion of the pilot project, more minerals to track and validate via the Blockchain. IBM expects that the technology can be found on cobalt, but also for other battery metals and materials application.
Read also: Seagate and IBM: With Blockchain against disk counterfeiters
Outlook
IBM & co. are not the first consortium, which is working on the Tracking of rare earths. Like BTC-ECHO on 20. December reported, developed the tZERO Group on behalf of the Chinese CSF Capital at the moment a solution for the trade with cobalt. Worked it is, however, a Smart-Contract solution, which is to allow trading of the tokenized Assets. The consortium of IBM, however, seems to be confident. According to IBM, the pilot project will be completed in mid-2019.