Volvo Joins Responsible Sourcing Blockchain Network

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Volvo, one of the leading car manufacturers globally, has announced it will join the Responsible Sourcing Blockchain Network (RSBN). This is a significant step towards making the automotive sector morally and ethically compliant.

Responsible Sourcing Blockchain Network

The Responsible Sourcing Blockchain Network was established at the beginning of this year. It is already gaining traction as one of the most reliable projects for ethically sourced materials.

Currently, the main focus of the RSBN is to aid in the tracking of cobalt mining. Cobalt is one of the main components for car batteries. This makes the RSBN project especially attractive to automotive companies. 

In fact, the whole idea behind the blockchain network was first proposed by IBM and a group of carmakers, including Volkswagen and Ford. 

Now Volvo is entering the project. According to the RSBN, several other big names in the car industry will join by the end of the year. 

When it comes to partners in the mining industry, RSBN has attracted two big players in order to launch the test phase of the project – LG Chem and Huayou Cobalt. 

During this test phase, RSBN successfully tracked materials sourced from Huayou’s cobalt mines, which were later incorporated in the car batteries used by automotive partners.

Sustainability and tracking materials

One of the main objectives of the RSBN is to employ the benefits of blockchain technology. The project is looking to create an industry-wide network where all materials are trackable from beginning to end.

Traceability is becoming increasingly important, as customers want to know the origins of the products they are using. In the automotive industry, traceability is a key factor for manufacturers, as it boosts sustainability. 

With blockchain pioneers like IBM, the RSBN project is going to become one of the largest tracking projects globally. Not only that, but blockchain traceability solves a very important problem. Illegally sourced materials cannot become part of the RSBN project. 

Thus, participation in this global blockchain network guarantees the manufacturers and the end customers that the products they are using are not the result of unpaid labor or illegal activity. 

Volvo and its electric cars

One of the main pushes for Volvo to become part of the Responsible Sourcing Blockchain Network was the release of the company’s first entirely electric car. 

In fact, Volvo will be the first major partner to depend completely on the RSBN for its battery materials. According to the car manufacturer, by the end of 2020, all materials used for car batteries will go through the RSBN and its partner LG Chem. 

This is a serious level of commitment on Volvo’s part. What is even more important is that all records will be securely kept. This allows the company to track its previous purchases and the amount of materials they use over a period of time. 

Expanding reach

The test phase of the RSBN project is reaching completion. Furthermore, the RCS Global Group has announced that the project will start focusing on adding more materials to the network.

Blockchain jobs in United States and Canada

The test phase included the tracking of Cobalt only. However, RSBN is looking to expand its reach and cover all ores and minerals used in the making of batteries. 

Not only that, but the project will be expanding beyond the automotive industry. The RCS Global Group, with the help of IBM and the Linux Foundation Hyperledger Fabric, will start offering traceability solutions to other industries as well. 

 

Throughout my experience, as a media analyst, I’ve had the pleasure to work for the European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International. I am also a passionate contributor to a number of leading cryptocurrency and blockchain news websites. These experiences have given me a deep insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. I am extremely excited to be a part of Business Blockchain HQ as this is a team of professionals who definitely have worthy material to share.

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