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Itochu Corporation

06/14/2021 | Press release | Distributed by Public on 06/14/2021 04:45

ITOCHU Announces Participation in Mobility Open Blockchain Initiative (MOBI)

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter 'ITOCHU') announced today it has participatedis participating in the Mobility Open Blockchain Initiative (headquartered in Los Angeles, California, USA; Chris Ballinger and, Tram Vo, dDirectors; hereinafter MOBI), a global NPO promoting and making theseeking to set the standard of for blockchain technology among Mobility and its related supply chain. Through this, MOBI and ITOCHU will jointly study and create a global decarbonized society across the world.

MOBI is one of the largest nonprofit alliances with over more than 100 entities, such as among them the world's largest vehicle manufacturers, startups, NGOs, transit agencies, insurers, toll road providers, smart city leaders, and technology companies creating standards in blockchain, distributed ledger and related technologies.

Currently, the demand for lithium-ion batteries has been increasing rapidly, increasing backed by the growing demand for electric vehicles (EV) and renewable energy. In addition, Europe's new guidelines for Life Cycle Assessment (LCA) in relation to the reuse of a certain amount quantity of rare earth metals, will be introduced by 2030. In order tTo meet the growing worldwide demand for batteries in the world and to establish a circular system for reusing rare earth metals in lithium-ion batteries, ITOCHU will be involved in these industries and will have form a worldwide international partnerships to create the an efficient global supply chain.

ITOCHU has been building traceability systems with blockchain technologies for securing sustainable and transparent supply chains.
In the automotive sector, ITOCHU has started commercial development of a project to achieve higher greater sustainability in natural rubber, a raw material for tires, with stakeholders who have endorsed the project through the establishment of traceability and sustainability activities in partnership with international NGOs. MOBI's supply chain working group will also work aim to standardize technologies that will enable ethical sourcing and sustainability of automotive components in the future. ITOCHU will contribute to the achievement of the Sustainable Development Goals (SDGs) by sharing its knowledge in blockchain traceability of natural rubber with MOBI.

ITOCHU will contribute to the realization of a decarbonized and decentralized energy society and to SDGs by improving the expertise in the global network. Through these activities, ITOCHU will continue to tackle new eco-systems and a circular economy beyond that transcend the boundaries of industries and products.

Outline of MOBI

Organization name Mobility Open Blockchain Initiative
Establishment 2018
Headquarter Los Angeles, California State, USA
CEO Chris Ballinger, Tram Vo

MOBI's key members

Automotive Honda, GM, Ford Moter, BMW, CEVT, Bosch, Denso, MARELLI
IT・infrastructure IBM, Hitachi, PG&E, Accenture
EC, Logistics, Trading Amazon Web Service(AWS), Toyota Industries, ITOCHU Corporation
Insurance USAA, Aioi Nissay Dowa Insurance, Swiss Re
Government
/International Organization
Noblis, European Commission, China Academy of Tranportation Sciences, Enterprise Singapore, World Economic Forum
Academic
/industry group
Institute of Electrical and Electronics Engineers (IEEE), SEMI, SAE International
Blockchain Hyperledger, ConsenSys, ripple, R3, IOTA, Foundation,
Enterprise Ethereum Alliance(EEA), Tezos Foundation,
Swiss Crypto Valley, Swedish Blockchain Association