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21 10 2019 03

Committed to supporting human rights and environmental protection while helping infuse more transparency into global mineral supply chains, Ford Motor Company, Huayou Cobalt, IBM, LG Chem and RCS Global announced plans to use blockchain technology to trace and validate ethically sourced minerals.

The group, which includes participants at each major stage of the supply chain from mine to end-user, will begin with a pilot focused on cobalt and explore the creation of an open, industrywide blockchain platform that could ultimately be used to trace and validate a range of minerals used in consumer products.

Cobalt is in high demand for its use in lithium-ion batteries, which power a wide range of products such as laptops, mobile devices and electric vehicles. According to a report from Morgan Stanley, by 2026, demand is expected to multiply eightfold, especially for its use in electric vehicles and consumer devices. The typical electric car battery requires up to 20 pounds of cobalt and a standard laptop requires around one ounce of the mineral.

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