Volkswagen to Use Blockchain-Based Raw Material Tracking
Nov 02, 2019 at 10:29 //
News
Recently, a statement came from Certification of Raw Materials (CERA), the certifying authority for raw materials, announcing that it had implemented a distributed ledger technology (DLT) and blockchain system to trace and track minerals, and many other valuable materials in Italy, U.S. and other parts of the world. The largest automaker by worldwide sales in 2016 and 2017 based in Germany Volkswagen, is also part of CERA.
When it comes to the area of minerals it is vital to have a certificate confirming to various info and data connecting to the extraction and mining of raw material. For instance, the geographical site of the mining, the mining method and the quality of the work environment, data that is fundamental to see and control the goings-on of firms, particularly if they take on unorthodox ways and means to obtain the massive profit.
On account of CERA, each and every raw material and mineral has its individual certification and there are now more than 40 various certifications which a firm must have so as to be appropriate and acceptable.
Blockchain-based Mineral Tracking System
For this matter, therefore, to ensure a more transparent and secure progression, CERA has decided to develop a new effective blockchain system to shape it to their requirements and demands. It is an amalgam and an exclusive database, so all data will be controlled by a central body. Also, the public view will contain just some data.
The project manager, Dr. Andreas Hucke, is optimistic that CERA will try to solve the multifaceted challenge regarding minerals and raw materials.
It is such an interesting thing to see that among the project advisors there are popular and big names including academic institutions, research centers and even the popular car manufacturer Volkswagen, that clearly has every interest in using licensed materials for the construction of its automobiles.
What is certain is that, o'er, the DLT and blockchain appears to be castoff as a secure kind of advertising action, as in real sense and actuality it is, even in this way, a private blockchain and hence it has to be highly trustworthy and reliable, a thing completely different from that of the genuine public blockchains like Bitcoin, the world’s original cryptocurrency.
OhNoCryptocurrency via https://ift.tt/2PblI7a @coinidol.com By Coin Idol, @Khareem Sudlow