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Gold supply chain enters the blockchain field

Time : 22/10/2021 Author : yr8eah Click : + -
        According to the compilation of Huobi blockchain Application Research Institute, physical gold is about to usher in the digital gold rush called blockchain technology - one of the companies is working hard to ensure its responsible procurement. Emerging technology holdings, an American financial technology company, said that it hoped to use blockchain technology to digitally code the gold supply chain in the first half of this year. Mitchell Davis, chief commercial officer of emergent, said that the company was creating a digital token that would be fully supported by gold and could provide a more liquid way of metal trading.
        By digitally recording each stage of the gold supply chain, the company can guarantee the provenance of each piece of metal, prove that it has a responsible source, and check that its purity is 99.99%. It will be recorded in an almost constant digital ledger: blockchain. Emergent technology is working with Yamana gold, which is listed on the New York Stock Exchange, to create "G-coins" with gold as the background. One coin is said to be equivalent to one gram of responsibly purchased gold and is linked to the spot price of gold. As a blockchain based asset, each coin is a digital certificate that can be used for investment, wealth transfer and payment.
        This is not the only attempt to track blockchain gold, but the company said that its method is "fundamentally different" from the method currently adopted by others, in part because it focuses on "responsible purchasing of gold" in its field. "Emergent is looking to build an ecosystem," Davis told CNBC in an email. Therefore, the company started tracking gold at the ore source stage to help "connect all steps in the supply chain". According to emerent, miners like Yamana will be able to use mobile applications to scan the tamper proof seals of "smart chips" and record escrow funds and other data transmitted on the responsible gold blockchain.
        ”。 When talking about the resulting digital tokens, Davis mentioned that "you have a highly liquid and reliable asset, which is traded globally and fully supported by gold.".
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