Coca Cola collaborates with Emercoin for Blockchain Project
Abhishek Ajit Posted On March 17, 2018 Emercoin along with The Bitfury Group has recently announced a partnership with Coca Cola and the US State Department where they will use the Emercoin blockchain for the prevention of forced labour. The project will involve the creation of a secured registry for workers.
Bitfury CEO Valery Vavilov and Emercoin CTO Oleg Khovayko made this announcement on Friday. The Bitfury group will build the blockchain platform whereas Emercoin will provide additional blockchain services to this project.
We are so proud to announce partnership with #Fortune500 @CocaCola @BlockchainTA! @emercoin and @BitfuryGroup will work on #blockchain solution to combat forced labor! #Emercoin https://t.co/2bNUPTb7k6
— Emercoin (@emercoin_press) March 17, 2018
The International Labour Organization in a report published on 2014, Profits and Poverty: The Economics of Forced Labour , said that according to ILO data as on 2012, $150 billion dollars of illegal profits are made every year due to forced labour.
Two thirds of this is a result of commercial sexual exploitation and the rest from forced economic exploitation. 25 million people are affected by this illegal practice.
Companies like Coca Cola are facing significant pressure to prevent such illegal practices from occurring. So they resort to audit of the supply chain for prevention of such practices. But because of the amount of players involved in the process and the lack of proper records for the entire chain, it becomes difficult for even MNCs to uncover such practices. Uncovering forced labour practices in the supply chain leads to a PR disaster and negatively affects their brand image.
By creating a secured worker registry using the blockchain, it brings greater transparency to this area and ensure compliance to labor laws. This can increase the proportion of direct employment of such workers and accordingly the rights and benefits that come with the labor laws. The record also would uncover the companies using such forced labour which can be disincentivized through the enforcement of law and the termination of partnership by large corporations such as Coca Cola.
The US State Department said “this is the government agency’s first major project on this issue using blockchain, reinforcing the technology’s growing application for social causes”.
Brent Wilton, the company’s global head of workplace rights, said in an email to Reuters, “We are partnering with the pilot of this project to further increase transparency and efficiency of the verification process related to labor policies within our supply chain.”
Emercoin (EMC) is a native token of the Emercoin blockchain platform which seeks to be the hub for distributed blockchain services. Emercoin was launched in 2013 It is listed on CMC and has a market capitalization of $153 million as on time of writing.
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