For the precious metals mining industry, which has been fighting illegal mining methods for many years, the use of blockchain could be a turning point. The blockchain technology will help make the gold mining process itself more transparent and accessible to the general public. The main purpose of blockchain here is to help to stop illegal, hidden and unregulated looting, as well as, human rights violations. The use of blockchain will increase transparency and ensure complete traceability of metals.
Blockchain is a digital registry that is distributed, decentralized, verifiable and immutable. It can be used to record transactions of almost any value. In essence, this is a shared database that everyone can see. The system provides many benefits including a high level of transparency. This is due to the fact that everyone can view and check the registry, but no one can change or delete entries from it.
Consumers will be able to scan the code on the product that they are going to buy and see where it was made. It will be easy to find out all about precious metals, like if it is environmentally friendly, high-quality or legal.
Blockchain technology is starting to change the way you do business. We strive to make the delivery routes transparent, this will serve as an excellent indicator in different areas of the industry and it will give consumers more information in order to make a proper purchasing decision.
In the InnovaMinex project, we would like to demonstrate serious control and make our project and the industry in which we operate more transparent.
