Representatives of the concern plan to protect the company from fraud when delivering cobalt. To make supplies transparent, Volvo will implement blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology, according to material on youtube.
The minimum costs will ensure the use of blockchain
Volvo is the first car manufacturer to focus on the benefits of blockchain. The company explained that the process of delivering raw materials for battery development is notable for costs and opacity at the production stages.
The Swedish company has signed an agreement with suppliers of raw materials – CATL and LG Chem, which will help with the work plan, as cryptocurrency news reports.
Volvo's executive director noted that standard delivery monitoring methods have shown how imperfect they are. Blockchain technology will help to better calculate the budget, track the nuances and minimize risks. Blockchain is the storage of data that is available for verification at any stage of delivery.
Interesting in the section: Blockchain technology can help poor people around the world
- Cryptocurrency and blockchain help start a business, even for citizens of poor countries. Technology allows access to banking services or compensation for refugees.