UNLOCK: Blockchain News, Latest Trends and News about Blockchain Technology

Volvo Joins RSBN to Advance Ethical Sourcing through Blockchain

Volvo Joins RSBN to Advance Ethical Sourcing through Blockchain

It was revealed from a source in PRNewswire, that Volvo has joined the Responsible Sourcing Blockchain Network (RSBN), a network which aims to develop and improve human and environmental rights and protection.

Volvo joins  founding members which include Ford Motor Company, Volkswagen Group, LG Chem and Huayou Cobalt. RSBN traces minerals from source to end products with RCS Global Group evaluating each company's responsible sourcing by the Organization for Economic Cooperation and Development (OECD) and industry bodies.  "We are setting in motion a process of mainstreaming responsible sourcing practices across major industries," said Dr. Nicholas Garrett, CEO of RCS Global Group. "We've reached significant new milestones as we've moved beyond testing, proving the merits of this coupled technology and assurance model can extend to a wide range of participants across every tier of the supply chain and to other minerals. The early addition of Volkswagen Group and now Volvo Cars to this collaboration confirms that blockchain technology together with responsible sourcing assurance can help address critical sustainability issues impacting the entire industry".

Volvo will be the first to fully apply the RSBN solution in its LG Chem supply chain with plans to use it for other mineral supplies (e.g. nickel, lithium...). Martina Buchhauser, Head of Procurement, Volvo Cars added "We have always been committed to an ethical supply chain for our raw materials," she added "with blockchain technology we can take the next step in ensuring full traceability of our supply chain and minimising any related risks, in close collaboration with our suppliers".

Volkswagen AG, on the other hand, wants to focus on supply chain mapping and auditing activities for key battery mineral supply chains. Ulrich Gereke, Head of Strategy for Volkswagen Group Procurement said "The Volkswagen Group has set itself a goal of full transparency in the critical supply chains of our parts and products, which includes cobalt. Due to the particular complexity of many critical supply chains, such transparency goals represent a difficult challenge. Thus, with the help of new technologies and digital solutions, the Volkswagen Group is continually working toward securing better supply chain traceability and transparency and to connect this information with the sustainability performance of supply chain partners. In this manner we will be able to identify sustainability risks at an early stage and improve our ability to react to them in a timely manner. The Volkswagen Group encourages other business partners to join the network"

 Ford plans to launch its first  global all-electric Mustang-inspired SUV, the RSBN, thus, becomes crucial in order to increase transparency in mineral supply chain. Lisa Drake, VP Global Purchasing and Powertrain Operations, Ford Motor Company adds "As a founding member of the network, we are pleased that the project is moving to an operational phase. This will further strengthen the human rights protection and responsible sourcing efforts in mineral supply chains. This becomes even more important as we start to launch our next generation of all-electric vehicles starting next year."

Home

Copyrights © 2019
Developed by Al-Iktissad Wal-Aamal Co.

Stay updated with the latest Blockchain news. Subscribe and never miss a story!