EU to Launch Blockchain Based Rare Earth Passport To Ensure Electric Vehicles Material Sources – EQ Mag Pro
In order to prove that sources of rare earth elements used in electric vehicles do not pose any pollution risk, Europe’s blockchain rare earth certification program may satisfy consumers and owners who are pursuing “sustainability.”
This project is called the Circular System for Assessing Rare Earth Sustainability (CSyARES) and its partners include the Rare Earth Industry Association (REIA), Dutch supply chain tracking company Circularise, German industrial robot BEC, Danish pump manufacturer Grundfos, and British mining company Minviro. In addition, the EU is sponsoring the project through Eit Raw Materials.
REIA and Circularise noted that CSyARES could be completed in approximately three years. Circularise European Project Lead, Teresa Oberhauser, stated that blockchain tokens or digital passports will be used to track the flow of complex supply chains.
Rare earth is widely used, from wind turbines to electric vehicle motors, but rare earth mining is labor-intensive and subsequent processing involves complex solvents and hazardous waste. Oberhauser also admitted that sketchy certifications can even be found on Ebay and the industry lacks some credibility. If you switch to a continuous record and permanent blockchain, once a token (warrant) is established for mining, it cannot be changed at will.
At present, 90% of the world’s rare earth come from China and 98% of the permanent magnets in Europe come from China. At this stage, the United States and Europe primarily wishes to ensure that they will not have a supply chain crisis.
As for who are the current members? Will China, a major rare earth country, join? REIA stated that members are all signatories and can also decide whether to adopt policy directly. REIA Secretary General, Nabeel Mancheri, said that there are already many manufacturers and suppliers interested in investing but it is impossible to disclose their names due to non-disclosure agreements.
According to Circularise’s website, Volkswagen’s Porsche has tested plastic’s manageability through Circularise and Volkswagen has neither confirmed nor denied the use of the CSyARES system.
Source : energytrend
