Blockchain News

Blockchain technology adopted by Automaker FORD Company, signs contract agreement with Democratic Republic of Congo

Blockchain technology has been adopted by automaker FORD Company, seeing it entering into partnership with the Democratic Republic of Congo (DRC) government.

The project allows cobalt mineral resource used in car manufacturing tracked with power of Blockchain technology.

The Blockchain sphere will be facilitated by IBM making minerals free from human interferences and human rights abuses.

Before this, FORD plunged into serious loss as their cobalt used to be confiscated by warlords who have been terrorized DRC for decades.

This project yields producing audit trails on the Blockchain platform and providing tally data as minerals gets shipped from North Kivu in DRC where it is mined FORD plant in America and traced via supply chain.

Blockchain technology remains the fastest, easy and reliable mode of conducting businesses.

The crypto platform offers dedicated network channels with no control of third party.

“With the growing demand for cobalt, FORD has come up with clear objectives to illustrate how Blockchain will be used for greater assurance around social responsibility in the mining supply chain,” FORD said in the statement.

World’s No. 1 diamond producer “Value De Beers” was the first to use Blockchain space in its business called Tracr platform”. It traces gemstones through the supply chain, right on the field to its final processing sites.

Natural minera resources in DRC

In every metal product you see, 60% comes from DRC, making it one richest mineral hub but the country remains one the poorest on the continent.

Cobalt, a byproduct of copper or nickel, is always on high demand for producing metallic equipment, battery products used in powering motor vehicles and other factory products.

DRC’s North Kivu is the settlement area for many Congolese who surrounds the area mainly for labor employment in multinational companies which preys their trade in the region.

According to the UNICEF survey of 2014, it estimates 40,000 children being at risks of health problems because they get involved in cobalt mining.

Amnesty International in its reports, states children as young as 7 years can be found scavenging for rocks containing cobalt in the country.

  

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coinmag

Hey there! I am Tobias Kumwenda, an IT bank professional turned into a Cryptocurrency and Blockchain proponent from Blantyre, Malawi. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about Cryptonomics and eating if I am not doing anything else.

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