Blockchain and Modern Slavery: Is There a Correlation?

It is no secret that a lot of businesses find solace in the use of blockchain, and the technologically advanced devices that are associated with the same. The use of blockchain is mainly stemming from the verification of supply chains. Do you know why it happens? It mostly happens because it automatically comes with the promise of best of devices, having the best of features. However, the question that remains is, can technology alone solve bigger, social issues that people need to have a look at? In this blog, we will discuss the intricate nuances of the same. To know more about bitcoin trading check out Push Money

Modern Slavery, and the Existence of Supply Chains:

Given we are discussing such an intricate topic, we need to cover fields which we think are important in this discussion. We believe that we have to talk about supply chains when we’re talking about modern slavery. Let us first take note of the fact that when cobalt is in concern, A number of mediators can figure in a supply chain.

Why does this happen? It happens because these people are the ones who make the purchase, figure out the proper proportions to mix the same, and fill the mines with their presence. We understand your concern, however just have a simple look at the fact that A first time buyer will not always have information regarding where the metal is coming from. This is all that one needs to understand when dealing with “modern slavery in supply chains.”

What Does Blockchain Do?

Now the question remains what does blockchain do in this regard, in the world of mediation, no mediation, and business. We say that blockchain comes with a promise. This promise is true for anything and everything to stop one cannot possibly have complete knowledge regarding the source of the materials produced, or where exactly the production is flowing at all points. Then, the question may clearly arise that how can anyone possibly make sure that these genes do not facilitate slavery?

Here, one has to carefully note that the companies in concern that associate with cryptocurrency, and blockchain are constantly going through a process of experimentation which directly concerns blockchain technology. Let us now elucidate the same for you. When we think of a blockchain production, we automatically think of transactions that take place, and we look at the record of the transactions that have been made. As many of us are aware, this detail forms the blocks, and with this data, the blocks are changed together into one.

Code Scanning in Cryptocurrency and Blockchain Playing an Important Role:

Now, let us take cognizance of the fact that there is also a system of scanning the code on the packages, using which a customer will easily be able to identify the source of the product in many parts. This mostly happens using the blockchain technology.

According to a fair share of people, this is how the blockchain technology sounds in the way of the facilitation off slavery. ethically comma everything should be recorded comma which should ideally minimise the challenges.

The Problem Prevails:

As we conclude the block we would like to point out that blockchain comes with a number of promises, it says that it will address more than just the security problems that the blockchain consumers are facing. Following the protocols, blockchain should ideally stand in the way of exploitation, and facilitating slavery.

However, a number of people are of the opinion that while it should come in the way of facilitating slavery, at points it end up facilitating in itself. In this blog, we tried to explain the intricate way in which this functions bit by bit to you.

Conclusion:

While acknowledging the immense crazed for Cryptocurrency in the market, we also do understand the crisis prevails, and merely keeping records will not helpful stop in fact, there should be more active participation in stopping modern slavery from all quarters of the world.

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