Our proof-of-provenance protocol was developed to track the movement of physical gold through the chain of custody so that custody and ownership of gold can be tracked as it moves through the supply chain, from gold producers and miners to refiners, to the custodial vault, and all logistics in between — in a cryptographically secure manner. Our protocol for verifying the provenance of gold addresses deeply rooted issues in traditional mining supply chains by proving the existence, authenticity, and ownership of gold in real time, and in an easy to query manner. TruGold does this by providing a blockchain-based system for all transactions, logistics and custody arrangements, and by uploading real-world physical documents related to custody and authenticity to the IPFS.
Our blockchain is used in the mining supply chain to provide a time-stamp and validation of transactions that can be queried in real time by stakeholders and authorized users. This protocol provides authentication that metals in the supply chain are conflict-free and ethically and responsibly sourced. Metals are physically stored, digitally minted and uploaded to the blockchain where it can be purchased for peer-to-peer exchange or stored digitally in an electronic wallet or vault. As such, the TruGold token can be used in the supply chain for microtransactions sent from IoT devices to the EOS blockchain for providing time stamps, verification, location-tracking of metals in real time — proof-of-provenance in the mining supply chain.
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