February 20, 2024

Hong Kong launched a blockchain-based system for migrant employment

Blockchain solutions developer Diginex and UN-led International Organization for Migration (IOM)launched a tool to prevent labor exploitation of migrants in Hong Kong.

According to a press release, the international systemProfessional Ethics for Employment (IRIS-SAFER) is intended for use at 1,500 migrant recruiting agencies in Hong Kong and some organizations in migrant home countries.

As the head of the Chinese division of IOM saidGiuseppe Crocetti, there are now 360,000 migrants in Hong Kong, of whom 98% are women. Approximately 56% of migrants face illegal commissions and extortions from recruiting agencies.

“Thanks to IRIS-SAFER, agencies will be awareabout global standards in the field of ethics in hiring employees and will be able to put new knowledge into practice. As part of this project, we rely on the work of IOM around the world and adapt it to several specific experiences in hiring migrants in Hong Kong, ”said Crocetti.

At the same time, the blockchain is used to providesecurity and immutability of data, as well as increasing their accessibility and transparency. If the system is successfully implemented in Hong Kong and other countries, IOM plans to distribute IRIS-SAFER worldwide.

Earlier it was reported that Diginex this year became the only company in Hong Kong to receive a license to launch a cryptocurrency fund.