SEOUL, Jan. 17 (Korea Bizwire) — LG Chem Ltd., a major South Korean EV battery maker, said Thursday that along with other global firms, it plans to use blockchain technology to trace and validate ethically sourced minerals.
In a bid to support human rights and environmental protection, as well as help infuse more transparency into global mineral supply chains, LG Chem, Ford Motor, Huayou Cobalt, IBM and RCS Global 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.
The blockchain pilot seeks to demonstrate how materials in the supply chain are responsibly produced, traded and processed.
Work is expected to be extended beyond cobalt into other battery metals and raw materials, including minerals, such as tantalum, tin, tungsten and gold, which are sometimes called conflict minerals, as well as rare earths.
The pilot is expected to be completed in mid-2019.