A UK based start-up has partnered with a leading global car manufacturer to implement blockchain technology into its cobalt supply chain.
As reported by Reuters, UK based Circulor, which specialises in “improving complex supply chains through blockchain technology” will be working with BMW to map the sourcing of cobalt for the production of its electric vehicles.
“We believe it makes economic sense to start with sources that aren’t a problem,” Circulor CEO Douglas Johnson-Poensgen told Reuters in an interview.
“Once the system is proven and operating at scale, one can tackle the harder use cases like artisanal mines.”
As technology continues to transform the mining industry, this is but another example of how the mining industry is turning towards innovative solutions to drive down costs and improve the transparency of its mineral supply chain.
Only recently, Emergent Technology Holdings had partnered with Yamana Gold to provide innovative blockchain technology in order to successfully and accurately monitor the gold/mineral supply chain.
In February this year, Lucara Diamonds acquired Clara Diamonds to specifically implement its innovative blockchain solution to its diamond supply chain.
Circulor works at the” intersection of AI and blockchain,” developing technology solutions designed to improve efficiency in challenging supply chains.
Often noted as a lagging industry with regards to innovation and adopting new technologies, it’s clear the conversation has definitely swung towards innovation.