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Volvo will use Blockchain for tracing cobalt in the electric car batteries

Autor: Financial Market
Timp de citit: < 1 minute

Volvo Cars announced last week that it is using Oracle’s blockchain platform to trace cobalt, one of the main components in electric car batteries.

Following the unveiling of the company’s first fully electric car, the XC40 Recharge, Volvo has come up with a new business strategy that includes introducing an electric vehicle every year through 2025.

“Cobalt is at the heart of electric vehicle batteries, yet supplies are limited. Companies like Volvo are ramping up their production significantly, as half of Volvo cars will be electric by 2025. Each car requires 10-20 kilograms of cobalt in their batteries,” said Mark Rakhmilevich, Senior Director of Blockchain Product Management at Oracle.