IBM To Run Blockchain Project Of Cobalt Supplies From Africa
The IBM company will use its blockchain platform for monitoring and tracking of cobalt supplies from the Democratic Republic of Congo, the corporation’s press office reports.
The IBM Blockchain platform, based on Hyperledger Fabric, is already used by the company in various activity areas. From now on it will monitor ever-increasing supplies of cobalt needed for assembly of electric cars and other devices. The project is under development.
IBM will launch the work in partnership with motor company Ford, South Korean chemical company LG Chem and Huayou Cobalt from China. International firm RCS Global will also join the project.
Manish Chawla, general manager of the industrial products subdivision at IBM, stated that growing supplies of cobalt made all these organizations come together to show how blockchain technology can increase responsibility of mining industry companies. The organizations’ work will be taken into consideration to provide supplies transparency in the branch in future.
The Democratic Republic of Congo possesses a significant part of cobalt world reserves, but the country’s political and economic situation, with constant mutinies and riots, is utterly fragile, employers use child labour. Blockchain is to help solve some of these problems.
As previously reported, the IBM corporation has cooperated with the Abu Dhabi National Oil Company to launch one more pilot project for the supply of petroleum products on blockchain.