CEO of the London start-up Circulor Douglas Johnson-Pension said in an interview with Reuters that his company is working on a pilot version of blockchain for BMW.
The platform will track the legality of cobalt supplies: it is known that about two thirds of all cobalt is supplied by the Republic of Congo, where, in turn, a fifth of the production of this metal occurs in so-called “artisanal mines” using child labor.
The test version of the blockage will work with known “pure” cobalt, which was mined in Australia, Canada or in the lawful industrial enterprises of the Congo. “We consider it cost-effective to start with unproblematic resources. When the system is established and expanded, it will be possible to take up more complex cases, such as artisanal mines, “Johnson-Pension explained.
Circulor has already proved that it is possible to assign code to the “clean” cobalt and to make the main stages of its movement to blockchain, which will eliminate the possibility of counterfeiting and changing the data.
According to Johnson-Pansjen, the technology will also help reduce regulatory compliance costs, since it will “take over” part of the work and provide high guarantees of legality of supply.
Write: Sara Bauer