South Korea is always a place for those of us in Asia to visit to learn something new and innovative. Here at Classiarius we visit Seoul often and are always intrigued by the sense of understanding that Koreans have on how the world works – and in many cases, how they will make it work to make our lives better. They have ideas!!
Now this brings us to the South Korean battery maker, LG Chem, which is working with IBM and auto company, Ford to come up with a clever blockchain project that will deliver transparency to the mineral supply chain. The goal seems to be that the mineral tie up with blockchain will impact batteries in smartphones and electric vehicles. The interesting part of this project is that materials can be sourced without endangering the environment or causing human rights abuses. This is an interesting and progressive way to approach business, and of course we are always ears when such projects are tabled.
This is one of several new blockchain projects that are able to track minerals from Africa to ensure they are properly sourced and people in the process understand responsibility this entails. There are minerals such as cobalt to start (the first one focus), but there will be others in the future that are part of this new system. More on this topic in the future.