As gold undergoes a massive increase in value, there has been increased interest in the ethics of sourced gold.
Gold is, at large, incredibly vulnerable to unethical and unsustainable sourcing. This is largely because it is in high demand and often sourced from conflict areas. We can ensure that company gold is ethical through new technology and better tracking. Here’s how.
Why do we need better gold tracking?
In the gold sector, organizations are drawing attention to around ethical gold sourcing. Even gold that may appear ethically sourced can be mistakenly mixed up throughout the supply chain process.
This is added on top of the potential issues of gold fraud. Around the world, many fraudulent traders mislabel conflict-sourced gold as clean gold. This leads to reputable organisations purchasing and selling gold that isn’t authentic.
How can we move towards responsible gold?
By tracking company gold supply chains, and ensuring that there’s transparency over where the gold is coming from and going, we can accertain that there is traceability over the gold’s journey from point A to point B. Companies can also implement innovative technology, such as machine learning, to identify that the gold bar is authentic.
Blockhead Technologies has partnered with ABC Refinery to create STAMP Vision, which uses advanced image processing and machine learning to identify gold bars. This allows ABC Refinery to track their gold throughout the entire supply chain and also ensure that it isn’t fraudulent gold.
In time, STAMP Vision could be used to identify ethical concerns in global gold bullion supply chains.
STAMP Vision also utilises blockchain technology, which ensures that the data is immutable, transparent and can’t be tampered with.
At a basic level, though, implementing company-wide standards on gold sourcing will move companies in the right direction. This will ensure that there is a framework in place that supports ethical gold sourcing and perpetuates ESG (environmental, social and governance) standards.