07/11/19 04:42 UTC-5

Volvo tracks blockchain supplies of raw materials for batteries

OtherVolvo uses blockchain to monitor the supply of raw materials for batteries
Volvo uses blockchain to monitor the supply of raw materials for batteries

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

See also: "North Korea is suspected of money laundering through a blockchain firm"

#blockchain #Volvo #datastorage #CATL #LGChem

Editor: Daria Mukhina