The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Blood Diamonds: US Stops Zimbabwe As Blockchains Target Global Supply Chains

by Daily Hodl Staff
October 2, 2019
in Blockchain

Blockchain technologists are stepping in to solve the issue of global supply chains and their connection to mines using child labors and operations funding drug lords.

Berlin-based blockchain company RCS Global has implemented an initiative that started in January at Societe Miniere de Bisunzu’s (SMB), a mine in the Democratic Republic of Congo that houses some of Africa’s largest deposits of coltan, reports Reuters.

Digital tags linked to the company’s blockchain network tracking mineral shipments can’t be stolen or auctioned off on the black market to the highest bidder like a traditional paper certificate. While recorded information could, however, be corrupted from the start if governments were to collude with miners, RCS Global expects that its blockchain can reduce the amount of infiltration.

Says Ferdinand Maubrey, a managing director at RCS,

“[The system] allows purchasers of SMB material to be sure that it actually comes from that mine site and is not smuggled into the supply chain from other mines, as much as possible.”

Such blockchain systems can be applied to help eradicate so-called “blood diamonds” that are mined through forced labor. Leading the mission are blockchain provenance companies such as Everledger which secured $20 million in funding last week from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners, reports Venturebeat.

Everledger’s platform tracks origin and ownership changes along the supply chain, securely storing the information on a blockchain. It allows consumers and retailers to store, search for and view data on demand, permitting access to information about diamonds, gemstones and minerals, among other assets.

According to the company,

“We help the diamond industry respond to the global demand for responsible sourcing. At every step of the value chain, our partners are tracking the story of each stone, more easily and accurately than ever before…

Through unprecedented collaboration with miners, manufacturers, certification houses and retailers, we provide independent, tailored solutions for the industry.”

Source: Everledger

On Monday, the U.S. Customs and Border Protection (CBP), the largest federal law enforcement agency of the United States Department of Homeland Security, issued a detention order against companies in Zimbabwe that are suspected of producing diamonds using forced labor.

While natural diamonds are widely sought after, the mining and distribution process continues to stir controversy and concern about human rights violations.

According to an official statement,

“Under U.S. law, it is illegal to import goods into the U.S that are made wholly or in part by forced labor, which includes convict labor, indentured labor, and forced or indentured child labor. When sufficient information is available, CBP may detain goods believed to have been produced with forced labor by issuing a WRO. Importers have the opportunity to either re-export the detained shipments at any time or to submit information to CBP demonstrating that the goods are not in violation.”

Five Withhold Release Orders (WROs) were issued on September 30, covering five different products, imported from five different countries, including one for “rough diamonds from the Marange Diamond Fields in Zimbabwe; mined from forced labor.”

Zimbabwe’s Secretary for Information, Publicity and Broadcasting Services, Mr. Nick Mangwana, tells local news outlet The Herald that the move by the US is misguided and is another attempt at issuing sanctions against the African country.

Says Mangwana,

“The Government of Zimbabwe is baffled by the decision of the United States of America to issue a so-called Withhold Release Order for roug [sic] labour.

This is a regrettable development because the reason the US authorities are citing, namely that Zimbabwean diamonds are being produced under forced labour, is a blatant and shameless lie that will surprise even cynics amongst us.” 

While blockchain, the technology that underpins Bitcoin, is primarily highlighted as a means to transform the financial industry by facilitating transactions between two parties without the need for a trusted intermediary, it also promises to grant legitimate provenance to products by forging a transparent and trustworthy track record.

Such immutable data can reduce the need to debate claims about the origin of any particular product, eliminate fakes and forgeries, and also undermine operations powered by forced labor.

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Binance Alpha Is Changing the Web 3.0 Game
    May 16, 2025
  • NEXPACE Launches MapleStory N and NXPC Token, Charting a New Chapter for MapleStory Universe
    May 15, 2025
  • GSR Invests in Maverix Securities To Support the Launch of Regulated Digital Asset Structured Products
    May 15, 2025
  • Sportsbet.io Launches One Million USDT Giveaway To Mark Champions League Finale
    May 15, 2025
  • Whale.io Accelerating Towards TGE – Unveils ‘Wager and Earn’ Campaign and Launches WHALE Token Conversion
    May 14, 2025
  • Edgen Launches ‘AI Super App,’ Democratizing Institutional-Grade Crypto Market Intelligence
    May 14, 2025
  • BC.GAME Unveils New Logo, Strengthens Crypto Integration in iGaming Ecosystem
    May 14, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$104,911.11
$104,911.11
1.77%
Ethereum
$2,411.82
$2,411.82
2.12%
BNB
$644.00
$644.00
0.65%
Solana
$167.76
$167.76
1.61%
XRP
$2.39
$2.39
2.14%

Spotlight

  • Crypto Analyst Says 2025 Will Be the Year Bitcoin Hits Bull Market Peak, Unveils Upside Price Targets for BTC
    May 11, 2025
  • Eight Arrested in Multi-State Bank Fraud Conspiracy That Caused Over $1,500,000 in Losses: DOJ
    May 11, 2025
  • Asset Management Giant BlackRock Held Meeting With SEC To Discuss Crypto Staking, Tokenization and More
    May 11, 2025
  • Brian Armstrong Says Coinbase Considered Putting 80% of Balance Sheet to Crypto, but Decided Against It: Report
    May 11, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl