There have been several blockchain solutions introduced in the market but the latest one is pretty different as it addresses a social and very important area that has not been paid attention to. The actual potential of this technology becomes visible when it gets integrated into the real-world situations. Like the change in the automobile industry which is now taken over by electrical vehicles making the gas-powered cars obsolete from the market which has led in the rise in the demand for metallic elements. In order to tackle the situation tech giant IBM has announced a blockchain consortium which will look after the transparency in the supply chain of the global mining industry.
This significant change has increased the demand of a particular mineral utilized in lithium-ion batteries used in electric cars which require about twenty pounds of the metallic element. In a report presented by Morgan Stanley, it is unveiled that the demand for such a metallic element is about to get multiplied several times by the year 2026. This is the reason there a concern related to the unethical production of the mineral which will affect several human lives. World’s maximum metallic element is received from the Democratic Republic of Congo (DRC) that has a bad reputation for child labor in its mineral mines as mentioned by Forbes.
How Blockchain Can Help In Reducing Child Labour?
The blockchain solutions here can prove to be very useful in minimizing both the child labor practice and unethical mining. The blockchain consortium members include world-leading companies like Ford Motor Company, IBM, RCS Global, Huayou Cobalt, and LG Chem. Ford Motor Company senior executive Lisa Drake stated that their intention is to use the best potential of this technology to ensure the material are used in an apt way and their commitment to protecting human rights.
According to the South China Morning Post, there are other blockchain solutions as well which protect the rights from modern slavery from contracting clauses. The immigrant workers get trapped in such clauses with very low-paid wages.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]