UK Startup to Help BMW Source Cobalt via Blockchain

BMW will use transaction-recording technology blockchain to prove batteries for its electric vehicles will contain only clean cobalt
06 March 2018   227

Automaker BMW has partnered with Circulor, a London-based start-up, to use transaction-recording technology blockchain to prove batteries for its electric vehicles will contain only clean cobalt.

The competition is intensifying to use blockchain, the technology that underpins cryptocurrencies such as Bitcoin, to try to eliminate battery minerals produced by child labor.

Cobalt is in focus because around two-thirds of the world’s supplies are from Democratic Republic of Congo, where roughly one-fifth of cobalt is mined in unregulated artisanal mines.

The start-up Circulor is meanwhile working on a pilot for BMW to map cobalt that is already assumed to be clean because it comes from jurisdictions such as Australia and Canada or from industrial production in Congo, Circulor said.

We believe it makes economic sense to start with sources that aren’t a problem. Once the system is proven and operating at scale, one can tackle the harder use cases like artisanal mines. 


Douglas Johnson-Poensgen
CEO, Circulor

A BMW spokesman said the firm could not comment at this stage.

The pilot shows it is possible to give clean cobalt a barcode and enter the main stages of its journey on to an immutable ledger using blockchain technology because that is an efficient way to prove cobalt is clean, it had the potential to cut regulatory compliance costs, although the economics still needed to be proved.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   71

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208