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Think of cryptocurrencies – something that Mark Blick, the head of government solutions at Diginex, would like to change.
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A global blockchain solutions and financial services company headquartered in Hong Kong, Diginex offers digital asset management and infrastructure support for blockchain transactions.
Modern slavery affects an estimated nine million people every year, which is roughly 25,000 every day – or one new slave every four seconds
Mark Blick, head of government solutions, Diginex
Project and implementation of the public sector blockchain projects across a wide range of applications.
The company has teamed up with the anti-slavery organization, The Mekong Club, in using the blockchain-enabled systems to identify and provide more than 40 million people – many of them migrant workers slavery, working in the low-paid sectors such as the garment industry.
Slavery, forced labor and human trafficking hot topics, but the process is often contractual, which can be used as bitcoin or similar cryptocurrencies, are simultaneously maintained at multiple points during a network – to provide a solution.
It will allow you to be registered on the link to everyone.
"We are using the technology to solve specific inequities within modern slavery, especially around contracting and transparency around fees," Blick says.
"That is where blockchain can be very effective – in providing transparency and security around data."
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Diginex and Mekong Club's pilot project works with the likes of the UN, NGOs and academics to find out how a distributed ledger can best combat slavery, child labor and unfair working practices, in addition to building blockchain-enabled voting solutions for governments and organizations.
Inequities within modern slavery, especially around contracting and transparency around fees
Mark Blick
The project is using data to help companies.
By teaming up with NGOs on the ground who understand the key issues, along with academics and auditors, the project will create
Migrant workers – frequently vulnerable to outside parties – moving from one country to another, or in the lower pay and longer hours.
They are also regularly charged with extortionate fees for transport, accommodation and recruitment, or have their passports and identity documents taken from them.
People who are trying to borrow money from the very people who are trying to make money.
Blick, who is used to work at Gerson Lehrman, an online professional learning platform, says: "Modern slavery affects an estimated nine million people every year, which is roughly 25,000 every day – or one new slave every four seconds.
"There are currently more people affected by modern slavery than there are people living in Canada.
"Despite the great efforts of many people, only 0.2 per cent of these victims are helped every year."
He says: "We are hopeful that blockchain can offer trust, especially in contracts between migrant workers and companies, along with transparency around the fees, [and] security around the whole employment journey. "
There are more people affected by modern slavery than there are people living in Canada … only 0.2 per cent of victims are helped every year
Mark Blick
It will be possible to take various sources of data and create a picture of the wider links within supply chains.
So far the partnership is focused on its exploitative practices ever since 2012 at the Tazreen Fashions factory in Dhaka, Bangladesh, which killed more than 100 workers and injured at least 200 others.
The idea of building principled supply chains has also gained momentum following the Modern Slavery Act 2015 enacted in Britain.
"People want to know that their products are ethically sourced within a responsible supply chain," Blick says.
It can be disastrous for their reputation as well. It's why traceability of labor contracts is so crucial.
"Blockchain provides a single source of truth – allowing access to the same contracts provided to every other stakeholder."
The idea can be expanded to the mineral and electronics industries, and Diginex is also considering a pilot scheme for people who have been forced to move as slaves.
"What does it mean?" Blick says.
Distributed ledger technology is considered to be a quiet revolution bubbling under the surface, but he remains cautious.
"We are not at the point of mass adoption, but certainly that of no return," Blick says.
It can be disastrous for their reputation. It's why traceability of labor contracts is so crucial
Mark Blick
"Talk companies, but most people" I talk to realize its transformative nature. "
The cryptocurrency bear market has seen many retail investors lose their shirts in 2018, with drops in the market of more than 70 per cent.
Yet has this created a doubt about the efficacy and viability of distributed ledger technology?
"One of the biggest applications of blockchain is purpose-driven projects at scale," Blick says.
"The ability to prove trust, transparency and security around contracting and around fees is worthy and has longevity.
"Now we have institutions like the World Bank backing blockchain, and leaders like IMF [International Monetary Fund] managing director Christine Lagarde becoming enthusiastic about digital assets, I know the future is here. "
Diginex also hopes to use blockchain in the electoral and demographic process – a concept that has seen a few small trials carried out around the world by other parties – and the company is currently in talks to implement its nascent projects.
"We are looking at transparency, integrity, privacy, affordability and accessibility," Blick says.
"Most electoral systems touch only about two or three out of five of those, so if you tick all the boxes that's the perfect electoral system."
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