Gold is coming to blockchain technology and Emergent Technology Holdings is making sure its properly sourced. The company is hoping to digitally encode the gold supply chain within the next few months. By using blockchain technology, the company hopes to make the process of taking gold from mines to vault easier.
Emergent Technology Holdings is creating a digital token that will be backed by gold in hopes of offering a way to trade the metal with greater liquidy. By digitally recording each stage of the supply chain, the company will be able to guarantee the provenance of each piece, certify that it's responsibly sourced and check that it's 99.99 percent pure. The measures will be recorded on blockchain technology. the company is partnering with Yamana Gold to create the "g-coins." One coin will be equivalent to one gram of responsible sourced gold, and is pegged to the spot price of gold. Each g-coin will have a digital certificate of ownership that will be able to be used for investing, wealth transfer and payments.
Yamana will use a mobile application that scans smart chips and will record the transfer of custody and other data on the responsible gold blockchain. The entire process will be transparent to the public.
To read the full original article, please click here.
