We have promised you to bring everything and anything happening in the blockchain-sphere. We have possibly come across something where blockchain is much more than just a technology used for digital currency. It could save the humanity!
The blockchain technology has taken the world by storm and is one of the fastest growing industries in the world! It has been predicted that by 2021 it will hit $2.3 billion!!! Its an emerging technology it has a lot of potential to turn the tables for the logistics industry. The real question is, can it help to prevent the existing child labor in the cobalt supply chains???
The report from the International Labor Organization (ILO) is heartbreaking. 168 million children from the age of 5-7 are exploited for labor. It’s something we really need to look into. These children often work in hazardous conditions too. Our hearts are really broken to hear that. These children are at an age where they should be receiving education and should have happy childhood. Instead they are being exploited for their labor. How cruel is that??
As the society’s demands for electric cars and smartphones keeps growing. The demand for child labor in mining grows with it! It’s all related and the picture just got crystal clear. Therefore, manufacturers have decided to launch a project that makes use of the blockchain technology to track, reduce and in the course of time finish child labor in cobalt mines. Apple, Sony and Samsung SDI have made a pledge called the “Responsible Cobalt Initiative” to take an action.
Blockchain Used for Tracking
Its because a large amount of cobalt is used in electric cars and smartphones. Companies like Tesla, Apple and Volkswagen are under a lot of pressure to ensure that the cobalt used in the lithium-ion batteries is completely free from child labor or any kind of human rights abuses. It’s necessary! No one would want products which are a provided at the exploitation of human rights. Don’t you agree?
This is why, cobalt manufacturers are using the blockchain for the first time ever to track the minerals journey from the mines to the end product. Its because the global cobalt supply chain functions in a country of virtual lawlessness. If only accurate data is transmitted from the remote areas and the companies can be held responsible for their unethical practices.
All the more reasons for these companies to step up their game and take responsibility to prevent the labor exploitation from seeping into their supply chain. If only they want to keep their investors and customers happy. Otherwise, they can choose to laid back and wait for the things to blow up in their face. The way the blockchain technology is taking over, in no time there will be a solution for the child labor in the cobalt mines too. It needs to happen and we are counting on it!
What do you think? Is it possible to child labor through the help of blockchain? Lets us know. We value all insights especially from our readers!