Today IBM announced plans for a new blockchain consortium targeted at supply chain transparency in the global mining industry. The members are Ford Motor Company, Huayou Cobalt, IBM, LG Chem and RCS Global and will start with a pilot for cobalt with plans to extend it to other minerals used in consumer products.
Demand for Cobalt is expected to rise because it’s a key element in batteries and there’s a growing demand for electric cars. For example, a typical laptop uses an ounce of cobalt compared to 20 pounds for a car battery.
Typically mines have their output certified as compliant with international requirements for
responsible sourcing such as those from the Organization for Economic Cooperation and Development (OECD).
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