3 Ways Karuschain is Revolutionizing the Precious Metals Mining Industry
The precious metals industry is one that is rife with humanitarian issues, environmental concerns, and lack of compliance throughout. With so many hands involved in getting that gold into your iPhone or the silver into your circuit boards, there’s often a struggle in understanding the true nature of these supply chains.
Karuschain is dedicated to tackling and fixing these problems; by using blockchain technology to bring the necessary transparency and tracking to make smarter, more ethical decisions.
Here are some of the most immediate revolutions that the team at Karuschain is bringing to the industry at-large:
1- Blockchain Powered, Industry-Wide, Supply Chain Platform
Many solutions introduced into the market (be it on the blockchain, or off) are narrowly focused on specific trades within the precious metals industry. However, Karuschain seeks to create a complete solution that will work across the entire precious metals supply chain and logistics network, from mine to end user. This means that Karuschain is able to set the standard and enable various suppliers to operate through one, standardized supply chain, eliminating the “lost in translation” problem that having multiple systems going upstream and downstream can create.
2- Hack-Proof Security and Privacy When it Matters
If you are unfamiliar with the blockchain, think of it as an electronic ledger that tracks all data through a distributed datastore, making accessing vast amounts of data virtually un-hackable. For those in the precious metals industry, that means the blockchain can finally usher in a new level of security where, once the information is stored, it cannot be changed, stolen, or tampered with in any way. That does not mean that it completely removes all aspects of privacy for companies where necessary. You see, although the blockchain works as an open ledger for everyone with access to view the information, the identities of the users can be completely anonymous. This granular, permission-based access combined with the ability to safeguard data anonymity provides a superior level of security and privacy for everything from payment transactions, data entry, and even verification processes than anything else currently available to miners.
3- Transparency That Fosters More Social Responsibility
The Karuschain platform uses the Ethereum blockchain, and Hyperledger Fabric. Our implementation of sophisticated smart contracts that sit on top of these platforms ensures the the management of crucial data from legacy systems already in place throughout the current precious metals supply chain. Where Karuschain brings a new air is in the opportunity for new levels of transparency, as the platform allows supply-chain participants to determine the source of the metal as it flows upstream. They can not only track the metal from the source but can also trace it back to the source, allowing a participants’ compliance department to determine the essential data to store on its blockchain channel. Karuschain sees this new success towards compliance obligations through both upstream and downstream transparency, as a way to drive data sharing, platform use, and industry end-user acquisition like never before. People want to buy ethically sourced products, and this will revolutionize transparency for companies, enabling them to prove the development of their products and in doing so meet consumer demands.
CONCLUSION
Karuschain began because a team of industry leaders recognized some significant flaws in the existing state of the precious metals supply chain. Significant issues include warlords controlling local mining operations — skimming profits, children exposed to dangerous chemicals and polluted environments from sub-par extraction methods. Karuschain leverages blockchain technology to provide a brand new opportunity for responsible enterprises. An era where companies will be able to hold each other up to higher standards of integrity while improving efficiency, scalability, and profits. A better supply-chain means a better product, one where consumers will have the ability to purchase without fear or guilt and companies will have the tools they need to achieve new levels of Corporate Social Responsibility.
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Karuschain is a blockchain technology platform for the precious metals mining industry, giving mining companies a powerful tool to ensure data integrity, safeguard human rights, reduce risks and improve environmental regulations in their supply chain.
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