Blockchain technology has a myriad of uses in supply chains, but one place where it excels is in tracking precious metals, specifically gold.
Often, gold supply chains face complex issues, such as fraud, unethical sourcing, conflict funding and environmental damage. Mining is a complicated, multi-faceted industry, and gold tracking is even more complex.
The necessity of gold tracking
Gold tracking isn’t purely dependent on blockchain – but the technology certainly helps.
The intricacies of tracing gold aren’t quite straightforward. In fact, it includes:
- Ensuring that gold in jewellery is sustainably sourced
- Tracking gold to bank vaults
- Identifying forgery
In many cases, gold tracking would involve the gold being tagged with an RFID, and then being tracked on the blockchain. The blockchain provides a permanent, immutable and decentralised method of tracking. It allows those with permissions to access information from anywhere, and guarantee that it hasn’t been tampered with.
Because of the complexities of tracking gold – often going from miners to streaming companies through a network – the ability of multiple vendors to access and input information into the blockchain is essential.
Our platform, STAMP, is blockchain-enabled and designed to track minerals throughout the mining supply chain. It’s ideal for tracking precious metals. STAMP takes data from multiple vendors and displays it through a dashboard and reports, backed by blockchain technology.
And while blockchain is perfect for some companies, it’s not always applicable – and we account for that, too.
Is blockchain only suited to tracking gold?
Simply put? No. Blockchain might excel in tracing precious metals, but in reality it can track a variety of commodities. STAMP, for example, can trace supply chains that deal with gold, silver, iron ore, cobalt, or any other metal. It can also track fuel usage and streamline your data management.
Blockchain’s potential is multi-faceted and is strong in many different areas. That’s why we made STAMP versatile, and able to deal with a variety of different issues.