By : Franyi Sarmiento, Ph.D., Inspenet, May 13, 2022
The gold that is extracted from a mine and reaches the final consumer goes through a chain of processes (refining, smelting, etc.) that must be transparent and guarantee that it is a conflict-free mineral and that it is not tainted by exploitation or other problems associated with human rights.
Currently, mining companies have a great ally to meet this goal and it is technology. At the International Symposium on Gold, Silver and Copper, organized by the National Society of Mining, Petroleum and Energy, held this week in Lima, Peru, this problem was addressed with international experts.
One of them was the speaker was Christian Ecker, director of Minespider projects, who spoke of the so-called Digital Passport, an information package linked to the products it sells, which creates a chain of information custody, in a safe and reliable way. , via blockchain.
This enables manufacturers to act reliably and sustainably. With this passport you have the opportunity to show consumers where the mineral comes from. He gave as an example a foundry in Rwanda that is already using the passport to demonstrate to its European markets the legality of its operations, that they comply with European Union regulations and consumer demands for responsible production, Ecker said.
In turn, Nirali Shah, Director of Operations of Responsible Gold Supply Chain LLC, referred to the importance of safety in the gold production chain. “We think that gold is a protector of well-being. Gold holds its value much better than other commodities over time and is especially powerful in times of economic uncertainty and geopolitical tension.”
Shah explained that, in terms of security, his company has created the G-COIN, which is a digital certificate of ownership of physical gold that is kept in secure vaults. “With G-COIN you can store gold more efficiently than physical gold, because you don’t have to worry about the cost of storage or where to put it. It is a gold that can be transferred, through its property title.
In addition, he stressed that ESG management (Environmental, Social and Governance, for its acronym in English; environmental, social and corporate governance) are becoming more prominent in this field, so there will not be a single value for gold, and this will depend a lot on this factor to get a better price, but we need comparable reports from companies and blockchain.
For your part; Ecker added that the technology that is being used can give us the opportunity to communicate more and better with clients, an attribute that cannot and should not be ignored, especially in the mining sector, he concluded.
Source and photo : https://www.desdeadentro.pe/2022/05/blockchain-y-otras-innovaciones-que-potentian-la-trazabilidad-del-oro-y-otros-minerales/
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