UK firm pilots using blockchain to help BMW source ethical cobalt [Reuters]
IPATH US TREASURY LONG BOND BE (DLBS)
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Source: Reuters
UK firm pilots using blockchain to help BMW source ethical cobalt | Reuters Reuters Staff 3 Min Read * First live projects possible by early next year * Compliance costs could be reduced By Barbara Lewis LONDON, March 5 (Reuters) - Automaker BMW is working with a London-based start-up to use transaction-recording technology blockchain to prove batteries for its electric vehicles will contain only clean cobalt, the start-up’s CEO said. The competition is intensifying to use blockchain, the technology that underpins cryptocurrencies such as Bitcoin, to try to eliminate battery minerals produced by child labour. Cobalt is in focus because around two thirds of the world’s supplies are from Democratic Republic of Congo, where roughly one fifth of cobalt is mined in unregulated artisanal mines. One organisation has begun a project to work with the artisanal miners to use blockchain to prove they are not using child labour. The start-up Circulor is meanwhile working on a pilot for BMW to map
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