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Blockchain Combats Modern Slavery
By Kapil Rajyaguru
Blockchain technology has uses beyond cryptocurrency. Innovations in blockchain technology are being used to combat modern slavery through supply chain transparency. From digital identification systems designed to shield children from human trafficking to on chain know your customer (KYC) solutions, the blockchain is redefining how we think of customer due diligence.
Digital identity on the blockchain is an innovative method of verifying a person’s Personal Identifying Information (PII) without physical forms of identification. Approximately 1 billion people do not have official proof of identity worldwide, which limits their access to public services, voting, and economic participation.
Human traffickers often take identifying documents to control their victims’ movement and obfuscate their identities.
Advocates of blockchain-based identity verification systems point to the immutable and digital nature of the technology as advantageous for trafficking prevention.
According to these advocates, victims would be able to verify their identities without physical IDs using a private key connected to their digital identity, allowing them to take back control of their identity if their physical identifying documents are confiscated.
However, this only works if the victim has access to the requisite technology to verify their identity.
Although digital identity technology is still developing, there are compelling proposals to incorporate it into human trafficking prevention.
The “Blockchain for Humanity” challenge hosted by the World Identity Network (WIN) and the UN called for digital identity solutions to address child trafficking in Moldova.
Project submissions for this challenge had to establish a personal digital identity for children, secure identity data around a blockchain-based platform, and make an immutable record of the actual or attempted border crossing of a minor without parents’ permission.
Blockchain-based solutions to preventing, tracking, and identifying modern slavery could revolutionize the way businesses do KYC.
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