Coca Cola & US State Dept. The government along with two other companies have planned to launch a project to battle the forced labor all over the world using Blockchain ledger concept. The main idea is to have the secured registration for their labor forces assisting them to fight against the forced labor all over the world.
This will be the first blockchain technology-enabled project which reinforces the blockchain technology’s fast-growing application for such social issues.
As it is noticed and expressed by US Govt. authorities most of the uncontrolled labor registration is noticed in food and beverage companies worldwide.
Coca Cola, U.S. beverage giant said they have been exploring multiple blockchain projects for more than a year and now taking its first step towards it. They are affiliating with the pilot of this project to further upsurge transparency and efficiency of the verification process related to labor policies within our supply chain.
The new venture is intended to create a secure registry for workers and their contracts using block chain’s validation and digital notary capabilities confirmed by Blockchain Trust Accelerator – BTA is a global platform for connecting blockchain to convey its social impact.
So let’s understand how blockchain could help Coca-Cola & US Department, combating this issue.
Blockchain cannot compel companies or those in authority to abide by the labor contracts, and as it can create a validated chain of evidence that will encourage compliance with those contracts. Blockchain technology will remove the intermediaries and managers working with document circulation for labor information, registration and so on. The meaning of technology lies in the possibility of reliable information storage not in a centralized database, but in a decentralized system. Accordingly, there is no need to verify the information and to re-check it. This will create an authentic database which cannot be copied or altered as per the blockchain basic framework.
The appearance of blockchain technology is compared with the creation of the steam engine or the Internet. A revolutionary leap is a revolution in all spheres of the economy. The labor market mirrors the situation in other sectors.