Finally, EmTech brings gold to Blockchain technology
The Emergent Technology Holdings LP, which is also referred to as EmTech, has just created a platform for a blockchain-fueled supply chain able to track gold, this is directly from the mine to the storage facility. That's not all, as the company went on to develop a digital currency that they called the G-Coin, which will be backed by gold.
There is gold on the Blockchain technology
The company operated by blockchain, EmTech, has a platform for the gold supply chain, which is a trail of responsible gold supply chains, one responsibly responsive to gold coming from the miner directly to the refiner and into the vault.
As reported by PYMNTS, the company aims to transform the current process in the gold supply chain. To ensure that only the extracted gold complies with the current industry, legal and human rights and the environment.
According to the official website of the company, they were able to identify the risk and from this implement the necessary controls necessary to guarantee all the gold that on the blockchain technology is free from conflicts. As a result, this should be able to offer customers a new type of vehicle when it comes to ethical investments.
Mitch Davis who is the sales manager has gone on to say that there are many players participating in the gold supply chain, and from this, it is necessary to be able to provide the buyers. It is whether they will be institutions, individuals, producers or just investors. All this with the guarantee that the gold is sourced responsibly.
With the supply chain designed by the company, the transformed gold will be easily traceable with the use of the cryptographic seal. With the seals, they will be scanned using an Android device that will be able to create a public and private key. So the keys will be easily added to the immutable and completely verifiable blockchain.
The company's solution was designed as a two-part system consisting of the responsible supply chain platform along with the G-currency.
The G-currency It is designed as a digital token that will be able to represent the gold that is present EmTech's ecosystem. The digital token will be able to serve as a title certificate for the physical gold that has been acquired. The company has also collaborated with some of the major players in the sector; they are similar to Yamana Gold, Asahi Refining and Valcambi Sa.
All those who will be able to structure the current G-Coin tokens to ensure that the value of each coin has been equivalent to one gram of gold.
Blockchain companies that are in the gold market
With the developments that have taken place, EmTech in reality it is not the only technology provider that has entered the gold market. As reported by Bloomberg in March, TradeWind Markets Inc. promoted the launch of digital trading plus a settlement platform called "VaultChain".
A platform designed to simply exchange precious metal and be able to minimize transaction costs.
The company is based in New York and firmly believes that the idea of digitizing the gold business will help reduce transaction costs; as a result, this will contribute to creating more liquidity within the market.
Blockchain technology is fueling real world utilities
Blockchain technology has been synonymous for a long time; this is with cryptographic coins like bitcoins. Cryptographic coins or only digital currencies are just some of the many applications you find in the blockchain technology.
Blockchain enthusiasts in the market firmly believe that ongoing technological advances will revolutionize the way businesses are conducted. As a result, this should be able to create better efficiency and be able to reduce security breaches and manipulation in place.