Mercedes-Benz, a global car manufacturer in Germany, has entered into a partnership with blockchain-focused startup Circulor to pilot a distributed ledger project to track CO2 emissions in the cobalt supply chain.
The blockchain-based project will initially focus on cobalt, which is part of the supply chain from processing plants.
According to an official press release, the newly-developed system displays CO2 production emissions. In the long-term perspective, Mercedes-Benz is reportedly pursuing the goal of a circular economy and working to close material cycles.
Thus, Mercedes-Benz intends to ensure transparency in the supply chain outside direct contract partners.
Member of the Board of Management of Daimler AG and Mercedes-Benz AG Markus Schäfer claims that the main goal for Mercedes is transparency:
"We are the first manufacturer to use blockchain technology to map CO2 emissions in the global battery cell supply chain. In doing so, we are laying the cornerstone for effective improvements – for the environment and for our businesses," Schäfer said.
Earlier iHodl reported that Porsche is planning to increase its investment in venture capital activities by 150 million euros in order to gain access to the benefits of new technologies such as blockchain.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.