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Volvo joins responsible sourcing blockchain network

Volvo joins responsible sourcing blockchain network

Volvo, one of the high-standing car manufacturers worldwide, has joined the Responsible Sourcing Blockchain Network (RSBN). Other members of the network include Ford, Volkswagen, and IBM.

Responsible sourcing blockchain network

The main goal of the RSBN is to help big brands like Volvo in sourcing only materials that are ethically and morally clean in origin. What the blockchain network brings to the table is traceability.

Through the use of the RSBN, manufacturers from all fields can be assured that the metals and minerals they use are coming from licensed mines. Blockchain traceability is becoming a must for the mining industry, and Volvo is joining a team of pioneers in the field. 

One of the latest capabilities of the RSBN is Cobalt tracking. According to official information, the responsible sourcing blockchain network will launch officially around mid-2020. 

Volvo and sustainability

Joining the RSBN is a part of Volvo’s global efforts to become a manufacturer offering sustainable automotive solutions. 

Recently, the company officially launched its’ first completely electric car. The XC40 Recharge is also tied to a blockchain network. In order to supply the batteries for the vehicles, Volvo teamed up with Circulator, a blockchain enterprise part of a Cobalt tracking network.

Volvo is making conscious efforts to make their cars and assembly more sustainable, with the future in mind. The company’s participation in a number of blockchain network tracking initiatives is proof of Volvo’s engagement with morally acceptable material sourcing.

Hopefully, more global automakers will start joining such projects, in order to transform the industry into a more sustainable and reliable one. 

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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