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LG and Ford to Trial IBM-Made DLT to Prevent Child Labor in Metal Mining

  • Yuri Molchan
    📰 News

    IBM launches a project for tracking mining and delivery of metals necessary for car battery production by utilizing the DLT made by Hyperledger Fabric


LG and Ford to Trial IBM-Made DLT to Prevent Child Labor in Metal Mining
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In 2018, IBM teamed up with Hyperledger to launch its own blockchain system. Now, based on that innovation, the heavyweight intends to launch two new projects with the automobile giant Ford and electronics market leader LG.

LG and Ford to track metal mining and delivery

The project will survey the way local producers mine cobalt in the Congo and how it is further delivered to its plant in the same country. The other project will do the same for metal mining in Mexico.


The plan for the project assumes that around 1.5 ton of raw cobalt will get from a Congo location in February to China and how it will be afterwards delivered to a battery-producing factory in Korea. The ready energy-accumulator then will be delivered to the Ford factory in the US to be inserted into an electric automobile. The whole process, lasting almost half-a-year, will be recorded on the open ledger made by IBM.

Ford is not the only company partaking in the project. These blockchain trials will also engage LG Chem and RCS Global, responsible for audits. These companies will utilize the IBM blockchain to record every move on that cobalt delivery.

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Businesses say no to child labor

The purpose of this experiment is to make sure that all international ethical standards are followed and complied with and that no child labor, which the Republic of Congo is ill-reputed for, is used.

Recently, the mining industry working in the sphere of electric car building and house appliances has gotten the attention of human rights protection groups due to children whose labor is used there.

The participating companies hope that blockchain will ensure transparency on all steps of the mining and delivery. IBM intends to attract global attention to this problem and also test its blockchain technology.

In case the system detects that metals are produced in a non-ethical manner, this will be recorded and RCS Global, which deals with audits, checking that natural resources are mined ethically, will inform the exporting company working with this mine about the international law violation. It all will be recorded on blockchain for further use and reference.

In the days before blockchain, company reps would personally travel to mines in Africa to make sure that metals are mined and excavated in compliance with international ethical norms.

Businesses say no to child labor

 

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It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst


It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst
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The fact that Bitcoin saw its price breaking above $5,000 at the beginning of April made everyone highly optimistic about the prospects of a full-fledged bull run. However, crypto bulls shouldn’t hold their breath since it could take decades for the number one currency to recover from its epic downfall.

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Bitcoin compared to other bubbles  

After comparing Bitcoin to other bubbles, UBS analyst Kevin Dennean came to a conclusion that BTC will most likely follow their lead, Business Insider reports.
However, here’s a catch – Bitcoin will have to undergo a long-lasting recovery, so it is not reasonable to expect another bull run in the nearest future. For comparison, it took the Dow Jones Industrials 22 years to reach its previous peak.   


‘We're struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,’ Dennean claims.

Bitcoin compared to other bubbles  

Picture: ©FactSet

With that being said, it is still not guaranteed that a certain bubble retests its ATH even after decades since a big burst. Nikkei, despite reaching its 20-year highs in October 2017, was still 50 percent lower than its ATH that was recorded in 1989.

Nikkei

Picture: ©ATLAS

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When you lose, you win

During the peak of the crypto market, Bitcoin was frequently compared to the infamous tulip mania, but these two barely had anything in common (except for the horrible stability of value). Hence, it hardly makes sense to apply a certain pattern and expect Bitcoin to behave in a similar fashion to other bubbles.

Historically, enormous price crashes actually benefited Bitcoin. As reported by U.Today, Bitcoin trader recently noticed that the BTC price rise 5.1-16.89 times every 70+ percent plunge. Crypto bulls have every reason to expect a similar outcome this time around.

'Shadow of bull statue on texture tiles floor metaphor of bull market is coming for stock market or investment asset' image by 123rf.

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