Ford Motor Company Launches Blockchain Pilot On IBM Platform To Ensure Ethical Sourcing Of Cobalt
Ford Motor Company in collaboration with Huayou Cobalt, IBM, LG Chem and RCS Global has launched a blockchain pilot for the ethical sourcing of cobalt within the Democratic Republic of Congo. As more individuals trend toward adopting electric vehicles over gas-powered vehicles, cobalt demand has increased given its role in lithium-ion batteries. This build serves to maintain that the demand is met by the supply chains whilst ensuring that child & unethical labor is not an input for the processing of cobalt. The blockchain solution will serve to complement the third-party audits that have traditionally been used to maintain compliance. This solution opens the door for small-scale & artisanal miners (ASM) as well as large-scale miners (LSM) to sell their raw materials on the global marketplace in such a way that boldly exhibits the ethical processing of their raw materials in a way that hasn’t existed previously. Future builds following similar scenarios may be able to utilize the reputation of distributed ledger data immutability to garner further stamps of approval that may enable greater leverage in an increasingly respect-centric global marketplace.
SAP’s New Blockchain Project Helps Weed Out Counterfeit Drugs
SAP’s new blockchain-based supply chain tracking system is serving to weed out counterfeit drugs from their supply chain by allowing drug wholesalers to authenticate pharmaceutical packaging returned by pharmacies and hospitals. This solution will help its customers comply with the US Drug Supply Chain Act (DCSCA) which establishes that as of November 2019, wholesalers must verify prescription drugs that are returned and intended for resale. This is the latest of blockchain initiatives by SAP, with the company having announced two industry consortia within the SAP Blockchain Consortium program in autumn of last year.
Major Spanish Energy Company to Use Blockchain in Renewable Energy Tracking
Spanish energy company Iberdola has successfully piloted a solution that uses blockchain to securely source where users’ electricity comes from. The pilot consisted of following the trail of energy transfer from two wind farms and one power station to a number of banks’ offices. This is just the latest of efforts to disrupt the energy sector using blockchain technology, following the examples set by involvement from Siemens and the US Department of Energy. This new initiative for renewable energy on the blockchain pushes us one step closer to a more environmentally-conscious global ecosystem where power usage can be more ethically tracked.
Chevron, Total, and Reliance Join Oil Blockchain Platform Vakt
Companies Chevron, Total, and Reliance have joined the blockchain-based platform for commodities trading, Vakt. Vakt is a digital ecosystem for physical post-trade processing which serves to eliminate reconciliation and paper-based processes. This effort reinforces the progressive effort to move more and more commodity and security exchange processes onto distributed ledger technology.
WWF Launches Blockchain Tool To Track Food Along Along Supply Chain
The World Wildlife Fund-Australia have come out with a blockchain supply chain tool which tracks the sourcing and provenance of meat and produce products. This stands as one of the few food procurement blockchain builds in the field that is vertically integrated and is launched by an conversation-oriented organization. The success of this and similar builds could yield expansion of product line to include diverse commodities like palm oil and timber.
Barclays and Clearmatics Invite Coders to Increase Connection Between Enterprise Blockchains
Barclays and Clearmatics have teamed up to encourage programmers to resolve the interoperability issues between blockchains so as to allow the easy transition of data from one ledger to another. This drive for interoperability will take the form of a hackathon competition which will draw upon coders to utilize the Ion protocol for creating a bridge between the Ethereum and Hyperledger blockchain technologies. This new initiative hearkens to the spirit of collaboration exhibited by the conjoining of forces between the Hyperledger and Enterprise Ethereum Alliance consortiums in late 2018.
Interestingly, the article makes note of the fact that currently tokens & assets traded on the Ethereum network can not be transferred to another distributed ledger network. This is one of the current pitfalls of distributed ledger implementations, and limits the ubiquity of trading tokenized versions of traditional assets, like securities and commodities.
Blockchain Supply Chain Platform Nets $16 Million in Series A Investment
Chronicled, a major blockchain supply chain platform provider, has recently raised $16M in a Series A funding round lead by Hong Kong venture capital firm, Mandra Capital. This comes years after Chronicled had initially received $1.4M in a seed funding round in 2015. Chronicled, as one of the most established incumbents in the blockchain supply chain sector, has gone the route of focusing on quality and seeking traditional funding, whilst many of their peers sought to go the ICO route. As a company that has developed a reputation for its subject matter expertise and keen landscape commentary in conjunction with its superior product line, Chronicled is bound to remain a contender in the blockchain supply chain space against corporate service providers like Amazon and IBM.