Blockchain technology is now influencing different industries like finance, health, law, etc. and is empowering these sectors. It was originally meant to power the cryptocurrencies but it has a potential of growth and therefore is widely used by these industries.
World Trade Organization (WTO) and the World Economic Forum (WEF) also believes that the blockchain technology has a lot of potential for growth.
The recent advancement in blockchain technology is the use of it to trace metals and also its safe delivery from mines to the manufacturer.
There are some metals which are widely being used in the production of products like smartphones are regarded as the precious metals; they are known as 3TG and these are Tantalum, Tin, Tungsten, and Gold. The problem with these metals is an assurance to secure supply chain route.
In recent times many terrorist organizations are widely using these metals to buy weapons of destruction and empowering their organizations for doing attacks and spreading violence as there are little regulations of safety so they are widely used for this purpose. Therefore they are regarded as blood diamonds.
The plan of using blockchain technology is basically to attach QR code labels with these metals to secure data and route of transmission from the producer to the consumer.
This will affirm that the raw material will come from a politically stable country and also it will provide complete details of the shipment which is difficult to trace without using this technology.
Countries all over the world are encouraging this initiative and are hopeful that it will bring positive changes in to end the wrong usage of precious metals.