JLR invests in blockchain provider Circulor
Jaguar Land Rover’s venture capital and mobility services arm InMotion said it has invested an undisclosed sum in blockchain technology firm Circulor in order to increase supply chain visibility.
The automotive manufacturer said that InMotion it would provide it with greater transparency when it came to sourcing premium materials, as providing further visibility into the provenance, welfare, and compliance of suppliers throughout its networks.
Sebastian Peck, Managing Director of InMotion Ventures, said: “This investment is further evidence of Jaguar Land Rover’s commitment to improving the sustainability of its supply chain around the globe, and will help authentically trace raw materials from origin to supplier, eventually to vehicle.
“The implementation of blockchain technology provides a great opportunity to make a systemic change in supply chain compliance, not just for the automotive world but for other industries, too.”
JLR said that the blockchain technology would also trace valuable raw materials throughout its global supply chain from origin to supplier. Circulor is already using blockchain to improve the traceability of minerals used for electric vehicle batteries.
Circulor uses a combination of GPS, biometrics and QR codes to digitally verify the movement of raw materials at every step of the process. As well as tracking compliance, the digital process will enable Jaguar Land Rover to assess the carbon footprint of its supply network.
Douglas Johnson-Poensgen, Chief Executive and Founder of Circulor, said: “Our blockchain technology has already proved its worth in tracking materials, and we are excited to innovate further with Jaguar Land Rover and its global supply chain.
“We believe the digitalisation of the supply chain is key to ensuring traceability between the multiple intermediaries that handle the material between its origin and the manufacturer.”