How the need for secure supply chains is propelling blockchain

When several large automakers considered how to confront a looming sustainability problem, they turned to blockchain. The issue? Even as electric vehicles (EVs) penetrate the market in growing numbers, with global sales jumping 40 percent year-on-year in 2019 according to the IEA, questions around the ethical sourcing and disposal of their batteries have lingered.
In response, Volvo and BMW are using blockchain technology to track the raw materials used in EV lithium-based batteries from the source. This includes the mining of the key component, cobalt, which has historically been marred by child labor and other human rights abuses. Mercedes is working on a pilot blockchain project to track CO2 emissions in the cobalt supply chain, as part of its efforts to create a carbon-neutral passenger car fleet by 2039.
It is this ability to provide provenance — to track and trace materials, products, and services — that has been singled out by PwC as the biggest driver behind the widespread adoption of blockchain technology. In a 2020 study, PwC’s economists ranked the top five uses of blockchain by their economic potential, predicting that using blockchain to prove provenance could generate US$962 billion for global GDP over the next decade. Notably, this was more than double the potential of any other use case.
In many ways, this focus on provenance is a sign of the times.
Read the original article here
Intel CFO sees diversification as key to combating supply chain challenges
Diversifying access to suppliers is essential to circumventing supply chain challenges as numerous…
0 Comments2 Minutes
June 15, 2022
6 Best Business Management Software
Any company must-have business management software to run any type of business. Because good…
0 Comments9 Minutes
June 14, 2022
Are we running into a freight recession?
There is substantial debate today regarding whether the trucking sector is heading into a freight…
0 Comments2 Minutes
June 8, 2022
Supply chains in the age of scarcity
In recent months, several respected (or at least large) media outlets have started calling the…
0 Comments2 Minutes
June 4, 2022