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The Role Of Blockchain In The Development Of The EV Industry
Blockchain-based applications come with a track-and-trace feature. This feature allows EV manufacturers to keep tabs on the materials as they are brought for production. Certain types of materials, such as wolframite and cobalt, are sourced from hard-to-trace developed countries. Such materials change hands several times before they’re brought to factories for processing and production. Therefore, blockchain is useful to accurately store the provenance-related details of raw materials so that the manipulation of such materials coming from such sources can be prevented. Using blockchain for EV production also enables manufacturers to monitor any diversions while materials are being brought into factories for EV production. Blockchain-enabled tracking allows EV manufacturers to react to vehicle recalls in a cost-effective way. If there are any material issues that require vehicles to be recalled, the manufacturers can call back only those EVs that were built using parts or materials from the partner who supplied them. This makes your supply chain much leaner and cost-effective. A leaner supply chain results in lower production costs for EV makers.