Volvo Backs Blockchain Startup Circulor Mclean
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One of the most well-known premium car brands in the world Volvo Cars has announced it made an investment in blockchain technology firm Circulor via the company’s VC investment arm called Volvo Cars Tech Fund.

According to an official press release, the both companies have been working together over the past several years on boosting the traceability of cobalt used in the Volvo's batteries with the help of blockchain.

Mercedes to invest $1bn in electric cars production

Volvo states Circulor’s blockchain is currently used throughout Volvo Cars’ battery supply chain, which will achieve 100% traceability of cobalt used in its first fully electric car — XC40 Recharge P8.

With the investment, both companies will reportedly expand their focus beyond cobalt.

Volvo Cars Chief Procurement Officer Martina Buchhauser says by supporting Circulor’s ongoing development Volvo can expand the use of blockchain technology in its operations "and contribute to a more sustainable business."

"We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental in that regard," Buchhauser added.

In April 2019, Britain’s biggest auto manufacturer, Jaguar Land Rover, was examining its own crypto-focused "smart wallet" that could reward car drivers with the IOTA (MIOTA) tokens.

According to Jaguar, car drivers could earn crypto for participating in a ride-sharing program.

In the meantime, BMW, General Motors, Ford, Renault and Honda announced in October 2019 that they would start testing a vehicle blockchain-based identification system that could allow drivers to pay for parking or travel without using cash or credit cards.

South Korea Develops Blockchain-based Identification System for Autonomous Vehicles

Five global automakers had jointly developed a vehicle identification system for use in the United States through the international Mobility Open Blockchain Initiative consortium.

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