Mercedes-Benz has declared a partnership with Circulor, a blockchain firm, to employ the blockchain to track CO2 emissions in the cobalt supply chain.
This is in a bid to fulfill the demands of many governments on increased fuel efficiency, the incredible use of recycled equipment, and the discharge of less climate-relevant gases.
This is because many industries are now devising means to create their commodities in an environmentally-friendly manner.
Going Carbon Neutral
This project by Mercedes-Benz is known as Startup Autobahn.
Here, the car producer plans to use the blockchain to trail the creation flow of materials.
While concentrating originally on cobalt and the associated CO2 emissions, the project will later, check the number of recycled materials in the supply chain.
The project also plans to assure that the company’s sustainability provisions as concerns to working conditions, human rights, environmental safety, business ethics and obedience to all of the companies are comprised in the supply chain.
Daimler, which is the parent company of Mercedes-Benz, hopes to create a carbon-neutral passenger car fleet within 20 years.
This plan is named “Ambition2039.”
On this intended goal, Markus Schäfer, member of the Board of Management of Daimler AG and Mercedes-Benz AG, says:
“With Ambition2039, Mercedes-Benz Cars has set itself big expectations. We can surely get there in close alliance with our suppliers. The key is transparency: It is our plan to make all processes clear and traceable.”
He added that they would be the first manufacturer to use blockchain technology to map CO2 emissions in the global battery cell supply chain.
By so doing, they are setting the cornerstone for active developments for the environment and for their businesses.
It should be noted that Blockchain technology is influencing the energy sector as well.
Saudi Aramco Energy Ventures has invested US$5 million in VAKT Global Ltd, a company concentrated on blockchain-powered, post-trade processing.
VAKT’s trading platform is also presently in use in the North Sea crude oil market.
Ever since BP and Shell used VAKT’s platform when it debuted in December 2018, different oil and energy companies have also joined.
They include Chevron, Indian Reliance Industries Ltd., and French Total S.A.
The trading platform developed by VAKT is prominent as it is far more valuable, eliminating manual calculation and paper-based processing.
With every passing day, more firms are taking the opportunity of the numerous privileges that blockchain technology has to give.