Electric vehicles (EVs) are hailed as the greenest cars available, and by 2030 they will account for around 32 per cent of the total market share for new car sales, according to one report.
Deloitte forecasts their numbers will grow from 2.5 million in 2020 to 11.2 million in 2025 to 31.1 million by 2030. However, due to their reliance on batteries, the increasing popularity of EVs means more minerals are needed to create them.
Without knowing the provenance of goods or minerals, it is difficult for carmakers to ensure that materials used in the manufacturing process comply with social and environmental standards, which are increasingly important to a growing number of eco-conscious consumers.
To provide transparency across its supply chains, a British start-up called Circulor is using blockchain – a shared, immutable ledger for recording transactions, tracking assets, and building trust – to track everything from the raw materials in batteries to carbon...