Volvo Cars invests in a blockchain startup
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Answer Volvo Cars invests in a blockchain startup
Volvo, one of the world’s largest luxury car companies, announced its investment in the blockchain company, Circulor, through its investment arm Volvo Cars Technology Fund.
According to show Journalist, the two companies have worked together over the past several years to enhance the traceability ofcobalt” which are used in Volvo batteries and the tracking process is done with the help of the blockchain.
According to Volvo, the Circulor blockchain is currently being used throughout Volvo’s car battery supply chains.
The blockchain technology offers 100% traceability of the cobalt used in the first all-electric car, the XC40 Recharge P8 pictured below:
According to the announced investment, the two companies will expand their focus beyond cobalt.
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Martina Buchhauser, Head of Procurement at Volvo, said:
By supporting Circulor’s continued development, Volvo can expand the use of blockchain technology in its operations and contribute to a more sustainable business.
Buchhauser added:
We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in this regard.
In April 2019, Jaguar Land Rover, the largest British automaker, was experimenting with its crypto-focused digital wallet that could reward motorists with MIOTA tokens.
According to Jaguar, motorists can earn cryptocurrency by participating in the rider-sharing program.
In October 2019, BMW, General Motors, Ford, Renault and Honda announced the start of testing a blockchain-based vehicle identification system that enables and allows drivers to pay for parking or travel without using cash. or credit cards.
These five global automakers have also developed a vehicle identification system for use in the United States through the Open Mobility Initiative Consortium for International Blocks.
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Read also:
British automaker partners with IOTA to develop innovation and tracking data
Hyundai is developing a blockchain-based ecosystem
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