Volvo Cars to implement blockchain traceability

Volvo Cars will become the first car maker to implement global traceability of cobalt used in its batteries by applying blockchain technology. The announcement follows the reveal last month of the company’s first fully electric car, the XC40 Recharge.

A release from the company said, “Volvo Cars is committed to full traceability, ensuring that customers can drive electrified Volvos knowing the material for the batteries has been sourced responsibly.” Volvo Cars have now reached an agreement with its two global battery suppliers, CATL of China and LG Chem of South Korea, and leading global blockchain technology firms to implement traceability of cobalt starting this year, the release added.

“We have always been committed to an ethical supply chain for our raw materials,” said head of procurement at Volvo Cars, Martina Buchhauser. “With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimising any related risks in close collaboration with our suppliers.”

NT Bureau