Blockchain, Featured

Volkswagen Group Collaborates With Blockchain Startup Minespider To Use Blockchain Technology

The Volkswagen Group is an automotive manufacturer who has collaborated with a blockchain startup called Minespider. The manufacturer will use blockchain technology in collaboration with the startup. Using the blockchain will be a pilot project while using the blockchain for further raw materials and supply chains is a plan of Volkswagen Group.

Lead from the point of origin to the factory will be traced through the project. Over two-thirds of the total lead starter battery requirements will be delivered through the project. The project will consist of those suppliers and the sub-suppliers who will deliver the requirements.

The CEO at the blockchain Startup Minespider Nathan Williams said, “We are witnessing a transformation of global supply chains. Companies have the right to know that their suppliers are operating responsibly and with blockchain we finally have the tools to prove it.”

The Head at Strategy Group Procurement Marco Philippi said, “Digitalization provides important technological instruments that enable us to track the path of minerals and raw materials in cross-border supply chains in ever greater detail. Together with Minespider we will use the blockchain technology to make our processes more transparent and secure.”

The Volkswagen Group is considered as the leading automobile manufacturer across the world and the largest carmaker in Europe. It is located in Wolfsburg, Niedersachsen. It consists of 12 brands [Volkswagen, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN]. It has its customers in more than 100 countries, according to the official LinkedIn account of the Volkswagen Group.

The solution is a proprietary protocol developed on a public blockchain. It is a multi-layer architecture developed by the blockchain startup Minespider. Security to sensitive data in the supply chains is provided through the solution. The first layer has generally accessible information, the second layer has private data blocks, and the third layer has an encryption process. Most industries face problems related to supply chain transparency and the automotive industry is one of them. The blockchain doesn’t only ensure security but also ensures transparency, Volkswagen Newsroom reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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