Blockchain may soon become an important auxiliary tool in responsible sourcing of cobalt, a prime element in batteries for electric vehicles. Assuming, that is, international authorities or organizations are willing to help drive its implementation. The movement has already started. Miners and carmakers are flocking to affiliate with the Responsible Cobalt Initiative set up in 2016 by the Organisation for Economic Co-operation and Development (OECD) and China Chamber of Commerce of Metals, Minerals & Chemicals Imports & Exports (CCCMC), and the London Metal Exchange plans to ban exchange trading of metal that does not come with proof of ethical sourcing. China consumes the lion’s share of cobalt used in battery manufacturing. Anxious to conform to new industrial ethics and sustainability standards in the “green” EV industry, Chinese sources told S&P Global Platts they look forward to seeing blockchain make the supply chain more transparent. Nanjing Hanrui, which imported more than 5,000 mt of cobalt metal equivalent from the Democratic Republic of Congo in the 12 months through June for use by its refineries, believes blockchain technology could help improve the traceability of cobalt raw materials, particularly from the DRC. It is an issue that’s not going to go away. Even… continue reading
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Source: CTRM Center