Topic: [2019-05-19]Blockchain to Combat Modern Slavery in Supply Chains (Read 135 times)
If this is most ideal way of checkmating the illegalities of those fraudulent middlemen using blockchain technology it will be a highly welcomed development the chain supply when fully deployed will be use to identify the real source of those minerals shows the effectiveness of blockchain in the correction of abnormalities in the various sectors of the modern economy eg medicine, chainsupply, security etc.
Easier said than done!
Some of these industries they are targeting rely heavily on the middleman to help in cost cutting. At this point it's more of a necessity than a favor, for example the mining industries usually spend millions to billions to run the industry and having to engage middlemen in the supply chain saves these companies huge sums of money... and if they are saying the blockchain and distributed ledger technology (DLT) will be the solution will keep an eye on this but this will be a long wait.
Some of these industries they are targeting rely heavily on the middleman to help in cost cutting. At this point it's more of a necessity than a favor, for example the mining industries usually spend millions to billions to run the industry and having to engage middlemen in the supply chain saves these companies huge sums of money... and if they are saying the blockchain and distributed ledger technology (DLT) will be the solution will keep an eye on this but this will be a long wait.
For instance, there are a lot of middlemen involved in the cobalt supply chain, these middlemen purchase and mix cobalt that has been mined in different mining places, hence making it hard for buyers including battery manufacturers to effectively trace where the mineral exactly is sourced from.
Hmm, so in short what they need is to cut middlemen and make sure they have an irrefutable identifier for each product. So blockchain will be used to store the hash of that product? Why need to go for blockchain if they can keep their own database and require everyone to submit their data ID there?
It's their own interest so I'm not sure if they'd fake their data. What's more important than that is how they will verify that the inputted data is legit and not just a made up from the mining site.
If they're serious in this matter, then they need to have more intel and more surveillance and stricter law to punish slavery imo.
Sounds like a good idea to me,but it won't combat modern slavery, because the mines that use slave labour will just use other payment options and avoid using utility tokens. Traders that buy cobalt and other minerals from mines that are using slave labour will not be interest in implementing crypto coin payments.
There are always many ways to circumvent the law against slave labor. This is the main responsibility of the government to make sure that nothing like this can happen in any industry. The thing is that with more and more demand of minerals, buyers could care less where the minerals are taken and whether slave labor in involved. Let's see how the blockchain can affect this problem and if there is something that can be done easier because of this technology. In case blockchain can help even in just one aspect then let's go for it.
I bet the working conditions of those who produce that "ethically mined cobalt" are not much better than that of the slaves, but that's another question. Of course, slavery must be fought, and if blockchain technologies can help with that, it's a good thing.
De Beers, the world’s biggest diamond producer, uses blockchain platform called Tracr to prevent financing violence from diamond trading since 2018, and, hopefully, more companies will follow their example in the nearest future.
De Beers, the world’s biggest diamond producer, uses blockchain platform called Tracr to prevent financing violence from diamond trading since 2018, and, hopefully, more companies will follow their example in the nearest future.
Sounds like a good idea to me,but it won't combat modern slavery,because the mines that use slave labour will just use other payment options and avoid using utility tokens.
Traders that buy cobalt and other minerals from mines that are using slave labour will not be interest in implementing crypto coin payments.
Traders that buy cobalt and other minerals from mines that are using slave labour will not be interest in implementing crypto coin payments.
In an effort to fight modern slavery in supply chains, major companies are exploring and experimenting with blockchain and distributed ledger technology (DLT). Ascertaining whether products especially minerals including cobalt, gold, copper, etc., are obtained and produced decently is very hard when it comes to supply chains since it is a complex process.
For instance, there are a lot of middlemen involved in the cobalt supply chain, these middlemen purchase and mix cobalt that has been mined in different mining places, hence making it hard for buyers including battery manufacturers to effectively trace where the mineral exactly is sourced from.
https://coinidol.com/blockchain-combat-slavery/
For instance, there are a lot of middlemen involved in the cobalt supply chain, these middlemen purchase and mix cobalt that has been mined in different mining places, hence making it hard for buyers including battery manufacturers to effectively trace where the mineral exactly is sourced from.
https://coinidol.com/blockchain-combat-slavery/
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